Dangote Petroleum Refinery and Petrochemicals says its product pricing is not tied to daily swings in global crude prices, addressing recent public and government pressure for marketers to cut fuel prices following the drop in international oil benchmarks.

The clarification came in an official statement responding to calls from Nigerians and the Federal Government for significant price cuts amid falling global crude values.

The refinery said it remains committed to passing on favourable market conditions to Nigerians through fair and sustainable pricing, noting that crude is typically bought weeks or months ahead of processing under contracts tied to monthly average pricing rather than daily spot rates.

The company said it has continued lowering prices even while refining crude bought when international prices were much higher. Since May 30, 2026, it has cut the ex-depot price of petrol by N200 per litre, diesel by N300 per litre, and aviation fuel by N520 per litre.

The refinery stressed that refinery pricing does not move in tandem with daily international crude oil quotations.

It explained that current supplies are still being produced from crude stock acquired at costs well above today’s international prices.

According to the refinery, the average landed cost of crude it processed was about $124.80 per barrel in May and $95.25 per barrel in June, compared with the current international benchmark of roughly $71.01 per barrel. It noted that its crude is priced on a Dated Brent basis plus market premium, freight and logistics costs, rather than the headline ICE Brent figure often cited in media reports.

The company said it absorbed much of the higher crude costs rather than passing them fully to consumers, helping to keep the market stable and ease inflationary pressure. It added that Nigeria’s pump prices remain lower than those of neighbouring countries even after taxes are factored in.

The latest N50 per litre cut marks the fourth petrol price reduction in a month, bringing total cuts to more than N200 per litre since May 30, 2026. The refinery said further price moderation is possible as cheaper crude stock gradually replaces costlier inventory, provided global market conditions stay favourable.

It said its current output is enough to meet national demand, helping to boost energy security, reduce reliance on imports, save foreign exchange and give consumers and businesses more price stability.

The N50 cut, announced on Thursday, July 2, 2026, brought the ex-depot petrol price down to N1,075 per litre. The company said the move reflects its effort to pass on benefits from improving market conditions while keeping its operations sustainable long-term, and reaffirmed its commitment to supplying quality fuel at competitive prices while strengthening Nigeria’s downstream oil sector.