The Dangote Petroleum Refinery has lowered its ex-depot price for petrol by N50 per litre, citing retreating crude oil prices after a fragile de-escalation of Middle East tensions, but the reduction offers cold comfort to millions of Nigerians whose wallets have been hollowed out by more than two years of punishing fuel costs.
The refinery, owned by Africa’s richest man, Aliko Dangote, said the new gantry loading price of N1,125 per litre took effect at midnight on Wednesday, down from N1,175. Coastal supply prices were also trimmed, dropping from N1,495,215 per metric tonne to N1,428,165.
Since Nigeria dismantled its decades-old petrol subsidy in May 2023 under President Bola Tinubu, pump prices have surged more than fivefold, squeezing households, ravaging transport costs and feeding inflation that, while moderating, remains stubbornly elevated.
For traders who stack goods on wooden carts, bus drivers who can barely cover fuel before they earn a naira
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