Dangote Refinery Cuts Petrol Price to N1,200 Per Litre Amid Global Oil Dip

Dangote Refinery Cuts Petrol Price to N1,200 Per Litre Amid Global Oil Dip

The Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to ₦1,200 per litre, reversing a recent increase following a sharp decline in global crude oil prices.

The adjustment represents a ₦75 reduction from the earlier price 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 confirmed that the latest pricing decision was influenced by prevailing global crude oil benchmarks and shifting market conditions.

According to the source, crude oil prices dropped significantly after easing geopolitical tensions in the Middle East, particularly following a ceasefire announcement linked to Donald Trump, which helped calm fears of supply disruptions.

Benchmark crude prices reflected the shift, with Brent crude falling by over 13 per cent to $94.76 per barrel, while U.S. West Texas Intermediate dropped by nearly 15 per cent to $96.31 per barrel.

The refinery subsequently reversed its earlier price increase, aligning with the downward trend in global oil markets.

In a statement, the company clarified that no further price hikes had been implemented, contrary to speculation, and confirmed that the ex-gantry price remains at ₦1,200 per litre, while the coastal price stands at ₦1,153 per litre.

The refinery reaffirmed its commitment to maintaining steady supply across domestic and regional markets, despite ongoing volatility in the downstream petroleum sector.

Industry observers note that Nigeria’s fuel pricing continues to be shaped by global oil price movements, foreign exchange dynamics, and broader supply chain factors.

Dangote Refinery Cuts Petrol Price to N1,200 Per Litre Amid Global Oil Dip