According to industry insiders, the price slash was announced late Tuesday, July 1st, following fresh supplies pushed out by the Lekki-based multi-billion-dollar facility. This is the second major price cut in less than two months — and Nigerians are already feeling the ripple.
This move comes as the refinery ramps up local distribution and tries to break the import dependency that’s been draining Nigeria’s foreign reserves. With Dangote now producing more refined petroleum products locally, marketers are being forced to adjust their pump prices.
Analysts say it’s simple economics: local refining equals lower cost.
A senior official at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) told Trending Naija News:
“What we are seeing is the power of domestic production. Dangote is gradually stabilizing supply. More supply, less import, fewer logistics issues — price go fall.”
This move is also being linked to increased pressure from the Presidency to ease the economic burden on citizens. Tinubu’s team, facing growing criticism over inflation and cost of living, may be leaning heavily on Dangote to “do something fast”.
Nigerians React: ‘We Can Finally Breathe Small’
Social media lit up instantly after the news broke:
@Odogwu_001 wrote:
“Dangote don do wetin NNPC no fit do in 40 years. Respect!”
@ShebiYouDeyWhineMe tweeted:
“Petrol don drop but transport fare still dey ₦1,000. Na Lagos we dey o.”
@MissKemiSays added:
“Abeg make dem cut diesel and cooking gas too. We dey suffer for house.”
For now, the ₦840/litre rate is being offered to independent marketers and major distributors, not necessarily what you’ll see at every roadside filling station — at least not yet.
Experts say it may take a few more weeks before consumers across the country start feeling the full impact. But the message is clear: Dangote is resetting the game.
If supply keeps flowing and the refinery hits full capacity, we may see petrol fall below ₦800 before the end of the year — something no one thought was possible post-subsidy removal.
But here’s the big question:
Will marketers play fair? Or will middlemen still hijack the benefit?
As always in Nigeria, hope sweet but vigilance sweeter.