The Dangote Refinery has explained why fuel marketers in Nigeria recently reduced petrol prices. According to the refinery, the price cuts reflect adjustments in the global oil market and increased local supply, which have made fuel more accessible to consumers.

The company noted that improved distribution and the commencement of local refining operations have helped reduce costs for marketers, allowing them to pass savings to the public. Dangote Refinery emphasized that consistent local refining will gradually stabilize petrol prices nationwide.

Industry experts agree that local refining is key to reducing Nigeria’s dependence on imported fuel. By increasing domestic production, marketers can adjust prices more efficiently and prevent sudden spikes in petrol costs.

The refinery also encouraged stakeholders to maintain transparency in pricing and urged consumers to take advantage of the current lower fuel rates while supporting the growth of the domestic oil industry.