Dangote Refinery has reduced its petrol price to N1,200 per litre following a drop in global crude oil prices.
The Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, reversing an earlier increase as global crude oil prices decline.
The latest adjustment represents a N75 reduction from the previous price of about N1,275 per litre, which was recently implemented in response to rising international oil prices and supply concerns.
A senior official at the refinery, who spoke on condition of anonymity, confirmed the development, attributing the price cut to shifting global market dynamics.
“The adjustment is in line with global market trends. You are aware of the ongoing tensions in the Middle East and their impact on crude oil prices. These are external factors that directly influence refined product pricing,” the official said.
He had earlier explained the upward review, stating, “Petrol has been reviewed upward by N75 to N1,275 per litre, which is about a five per cent increase, while diesel has increased more significantly by N200 to N1,950 per litre. These changes reflect the realities of the international market.”
However, the refinery has now reversed that increase following a sharp drop in crude oil benchmarks linked to easing geopolitical tensions.
According to the official, the decline in global oil prices followed a ceasefire signal involving Donald Trump and Iran, which helped calm fears of supply disruptions in the Middle East.
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Brent crude fell by 13.28 per cent to $94.76 per barrel, while U.S. West Texas Intermediate dropped by 14.72 per cent to $96.31 per barrel amid the easing tensions involving United States, Iran, and Israel.
“Yes, the price has been reversed. This follows the current price of crude oil,” the official confirmed in a follow-up interview.
In a statement, the refinery clarified that contrary to market speculation, no further price increase had been implemented, noting instead that prices had been adjusted downward.
“A source at the company confirmed that its pricing structure remains intact, with the gantry price at N1,200 per litre and the coastal price at N1,153 per litre.
“We are maintaining our existing price and have not implemented any new pricing for our customers,” the statement said.
The refinery reaffirmed its commitment to ensuring steady fuel supply across domestic and regional markets.
The development highlights the growing sensitivity of Nigeria’s downstream petroleum sector to global oil market fluctuations, including foreign exchange pressures and supply chain dynamics.
Since commencing operations in September 2024, the Dangote refinery has emerged as a dominant player in Nigeria’s fuel market, significantly influencing pricing trends and supply stability.
Analysts say the latest price adjustment reflects deeper integration of Nigeria’s fuel pricing structure with global market realities following the deregulation of the downstream sector.
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