Dangote Petroleum Refinery has continued to cushion Nigerians from the impact of rising global fuel prices by keeping domestic petrol prices stable despite increasing international market pressures, according to S&P Global Commodity Insights.

In its latest market intelligence report, S&P Global said fuel importers into Nigeria are facing mounting challenges due to higher international gasoline prices, rising freight costs and tighter global fuel supplies, making imports significantly more expensive.

Market participants told S&P that Dangote Refinery’s pricing has effectively capped fuel prices in Nigeria, preventing importers from passing higher international costs on to consumers.

One trader noted that gasoline prices in Lomé are now higher than Dangote Refinery’s coastal sales prices, making fuel imports into Nigeria commercially unattractive.

The report also revealed that the cost of transporting petroleum products from Northwest Europe to West Africa has increased sharply, while reduced supplies from Russia have further tightened the diesel market and pushed up prices across the region.

Despite the global surge in costs, Dangote Refinery has maintained its policy of gradual price reductions. Since late May, the refinery has cut the ex-depot price of petrol by more than ₦200 per litre, diesel by over ₦300 per litre and Jet A1 aviation fuel by more than ₦520 per litre.

The refinery explained that its pricing is based on the actual cost of crude oil purchased under commercial contracts rather than daily fluctuations in international crude oil prices.

Industry analysts say the latest market trends highlight the strategic importance of local refining, noting that Nigeria would likely have faced significantly higher pump prices if it still relied heavily on imported fuel.

According to S&P Global, Dangote Refinery is increasingly setting the benchmark for petroleum product pricing across West Africa, helping to stabilise fuel prices, reduce dependence on imports, conserve foreign exchange and shield consumers from global market shocks.