President of Dangote Refinery, Aliko Dangote, has said that with the 650,000 barrels per day refinery price cuts, Nigeria’s premium motor spirit price is now 55 percent below the West African average fuel pump price.

The richest African disclosed this in a statement on Sunday after a high-level delegation led by the President of the Economic Community of West African States Commission, Dr. Omar Touray, visited his refinery.

According to him, Nigerians are enjoying the benefits of local refining amid petrol price reduction compared to neighbouring countries.

This comes as Dangote stressed the need for the region to drift away from fuel imports to embrace local production.

“In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600.

“But here at our refinery, we’re selling at between N815 and N820. Many Nigerians don’t realise that they are currently paying just 55 percent of what others in the region are paying for petrol,” he stated.
On his part, Touray lauded Dangote for the trust reposed on the continent by building the refinery.

“We congratulate Alhaji Dangote for this trust in Africa because I think you do this only when you have the trust, and he has a vision for Africa, and this is what we should all work to encourage,” Touray was quoted in the statement.

UGAMATV reports that Dangote Refinery’s latest price reduction in May 2025 brought down retail prices to N875 and 895 per litre in Lagos and Abuja.