Aliko Dangote, president and chief executive of the Dangote Group, says his refinery will continue lowering petrol prices to stay competitive with imported products.

He shared this commitment while speaking to State House correspondents after meeting President Bola Tinubu at the Presidential Villa.

In recent months, the Dangote Refinery has maintained a policy of price stability despite global swings in crude oil costs. On 6 November, the refinery reduced its petrol gantry price from N877 to N828 per litre—a 5.6% drop—and cut its coastal price from N854 to N806 per litre.

Mr Dangote said:

“Prices are going down. The reason why prices have to go down, we have to also compete with imports.”

Persistent Smuggling and Supply Challenges

Dangote noted that fuel smuggling remains a major obstacle. Although some progress has been made, he said the illegal trade continues because petrol prices in Nigeria are roughly 55 per cent lower than in neighbouring countries.

With fuel selling for nearly N1,500 to N1,600 per litre outside Nigeria—compared with about N800 locally—he stressed that the profit margin ensures smuggling will persist regardless of border enforcement.

He reassured Nigerians that both diesel and petrol will continue to be sold at “very reasonable” prices, emphasising that the refinery is a long-term investment rather than a venture seeking rapid returns on its $20 billion cost.

Dangote also praised the federal government’s “naira-for-crude” initiative, calling it a win-win arrangement. However, he acknowledged difficulties in securing crude supply, saying some international oil companies prefer to sell at a premium on the global market.

He expressed confidence that these challenges would be resolved, potentially through measures in the upcoming national budget.

Expansion Plans and Increased Production Capacity

The business leader revealed that the refinery has informed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of its ability to deliver 50 million litres of petrol daily.

According to him, the long-standing fuel queues that began in the 1970s have now been eliminated.

He added that Nigeria is no longer wholly dependent on imports, and for the first time, the refinery is exporting to Europe and the United States.

By February, Dangote expects the refinery to produce 15–20 million litres more than the country consume, making exports inevitable.

Looking ahead, Dangote said the refinery plans to undergo major expansion. By 2028, he aims to make it the largest refinery in the world, surpassing India’s Reliance facility.

“We are going to beat India’s Reliance. Reliance is 1.25 million barrels per day; we will be at 1.4 million barrels per day. We have already signed the necessary agreements, and we will begin piling for the expansion by January. It will be delivered on time.”