Aliko Dangote, President of Dangote Refinery, has announced that Nigeria's petrol prices have fallen to 55 percent below the West African regional average following recent price reductions at his 650,000 barrels per day refinery.

The billionaire businessman made this revelation on Sunday during a visit by a high-level delegation led by Dr. Omar Touray, President of the Economic Community of West African States (ECOWAS) Commission, to the refinery facility.

"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," Dangote stated.

The Africa's richest man emphasized the importance of transitioning from fuel imports to local production across the West African region, highlighting how Nigerians are already benefiting from domestic refining capabilities through reduced fuel costs.

Dr. Touray commended Dangote for his vision and investment in the continent, stating: "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."

The latest price reduction by Dangote Refinery in May 2025 has brought retail prices down to between N875 and N895 per litre in Lagos and Abuja, providing significant relief to Nigerian consumers amid ongoing economic challenges.

This development marks a significant milestone in Nigeria's journey toward energy self-sufficiency, with the Dangote Refinery playing a pivotal role in stabilizing fuel prices and reducing dependency on imported petroleum products.