Dangote Refinery has reportedly purchased its first 1 million-barrel cargo of Algeria’s Saharan Blend crude from Glencore, set for delivery between March 15-20. Despite the Naira-crude sale deal with the Nigerian government, price competitiveness drove the decision. The deal remains unconfirmed, and the price is undisclosed.
Traders note Saharan Blend’s quality suits Dangote’s refinery and is cheaper than Nigerian grades.Dangote Refinery received 420,000 b/d of crude in 2024, with 87% from Nigeria and 82% being light sweet grades, according to Vortexa. Weak European demand due to refinery maintenance and ample supply slowed Saharan Blend sales, pushing sellers to seek alternative buyers. Its price dropped by $1/bl this month, now at a 20¢/bl discount to the North Sea Dated benchmark. Aliko Dangote previously praised President Tinubu for the naira-crude swap deal, which helped lower petroleum prices in Nigeria.Dangote Refinery cut PMS prices from N970 to N899.50 and offered credit to marketers.
He pledged to provide quality, affordable fuel for Nigerians. The government’s naira-crude deal, approved in September, stabilized the currency. Dangote thanked Nigerians and the government for their support.Dangote Refinery cut petrol prices again, reducing ex-depot rates to N825/litre from N890. Prices dropped N125 in 26 days. Lagos pump prices now range from N860–N865.
The reduction, effective Feb 27, aims to ease financial burdens and support Tinubu’s economic recovery plan.Dangote Refinery has consistently cut petrol prices, with two reductions in Feb 2025 and a N70.50 cut in Dec 2024. These cuts eased living costs and prevented fuel scarcity. Dangote petrol is available nationwide via MRS, AP, and Heyden at market-friendly rates: Lagos (N860–N865), South-West (N870–N875), North (N880–N885), South-South & South-East (N890–N895).
Dangote Refinery assured steady fuel supply, with surplus for export to boost forex earnings. It urged marketers to support its efforts for Nigerians’ benefit. With a 650,000 bpd capacity, it exceeds Nigeria’s 385,000 bpd demand and holds 500M+ litres in storage. It recently exported jet fuel to Saudi Arabia.
