Dangote Refinery cuts petrol price to ₦1,200 after global Oil dip
Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to ₦1,200 per litre, reversing its earlier hike following a sharp decline in global crude oil prices.
The new price reflects a ₦75 drop from the previous rate of about ₦1,275 per litre, which had been introduced in response to rising international oil prices and supply concerns.
A senior official at the refinery explained that the initial increase was driven by global market conditions, particularly tensions in the Middle East that pushed crude oil prices higher. However, the refinery has now rolled back the increase after a significant drop in crude benchmarks.
The reversal comes after easing geopolitical tensions involving Iran, United States, and Israel, following a conditional ceasefire announcement by former US President Donald Trump.
As a result, Brent crude fell by over 13 per cent to $94.76 per barrel, while US West Texas Intermediate dropped by nearly 15 per cent to $96.31 per barrel, easing pressure on refined product prices.
Confirming the development, the refinery stated that it had not implemented any fresh price increase, contrary to speculation, but had instead adjusted prices downward in line with current market realities.
According to the company, the gantry price now stands at ₦1,200 per litre, while the coastal price is ₦1,153 per litre.
Since commencing operations in September 2024, the Dangote refinery has become a major player in Nigeria’s downstream petroleum sector, with its pricing decisions significantly influencing fuel supply and market trends.
The latest adjustment highlights how Nigeria’s fuel pricing is increasingly tied to global oil market movements, especially following the deregulation of the downstream sector.
