JUST IN: Dangote Refinery Reduces Petrol Price as Global Oil Prices Drop

The Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre. The move comes after a noticeable drop in global crude oil prices.

The adjustment reverses an earlier increase that had pushed the price to around N1,275 per litre.

This latest price cut reflects a N75 reduction. It follows changes in the international oil market, where prices have recently declined due to easing geopolitical tensions.

The refinery had earlier raised prices in response to supply concerns and rising crude oil benchmarks.

A senior official at the refinery confirmed the development on Tuesday night. The source explained that pricing decisions are closely tied to global market conditions.

According to the official, “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 had earlier disclosed that petrol was increased to N1,275 per litre, while diesel rose more sharply.

He said, “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, in a fresh update on Wednesday morning, the same source confirmed that the refinery has now reversed the increase. The decision followed a sudden drop in crude oil prices in the global market.

The decline in oil prices was linked to easing tensions in the Middle East. This came after former United States President Donald Trump announced a conditional two-week ceasefire arrangement with Iran. The development reduced fears of possible supply disruptions in the region.

Following the announcement, Brent crude dropped significantly. It fell by over 13 per cent to about $94.76 per barrel. At the same time, the US West Texas Intermediate crude also declined by nearly 15 per cent to around $96.31 per barrel.

The drop in prices was further supported by signals of de-escalation. Trump indicated that the United States would suspend planned military action against Iran. The condition was tied to ensuring safe passage through the Strait of Hormuz, a key global oil route.

Reacting to the situation, the refinery official said, “Yes, the price has been reversed. This follows the current price of crude oil.”

The refinery also released a statement to clarify its position. It denied reports suggesting any fresh increase in petrol prices. Instead, it confirmed 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 read.

The company added that it remains focused on ensuring steady supply across Nigeria and neighbouring markets. It noted that stability in supply remains a priority despite fluctuations in global oil prices.

Since it began operations in September 2024, the Dangote refinery has taken a central position in Nigeria’s fuel market. Its pricing decisions now influence market trends across the country.