Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit, commonly known as petrol, to N1,200 per litre, reversing its earlier increase following a sharp decline in global crude oil prices.
The latest adjustment reflects a N75 reduction from the previous price of about N1,275 per litre. That earlier hike had been implemented in response to rising international oil prices and supply concerns tied to geopolitical tensions.
A senior official at the refinery confirmed that the decision was driven by changing global market conditions.
“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 stated.
The same source had earlier explained that petrol was increased by N75 to N1,275 per litre, while diesel saw a sharper rise of N200 to N1,950 per litre due to international pricing pressures.
However, the refinery has now reversed that increase after a notable drop in crude oil benchmarks.
The price decline followed easing geopolitical tensions after Donald Trump announced a conditional two week ceasefire arrangement involving Iran, reducing fears of supply disruptions in the Middle East.
As a result, Brent crude fell by 13.28 per cent to 94.76 dollars per barrel, while U.S. West Texas Intermediate dropped by 14.72 per cent to 96.31 dollars per barrel.
The de-escalation came after indications that the United States would suspend planned military action against Iran for two weeks, contingent on the restoration of safe passage through the Strait of Hormuz.
Confirming the development, the refinery clarified that there was no fresh price increase as speculated in parts of the market.
“We are maintaining our existing price and have not implemented any new pricing for our customers,” the company stated, adding that the gantry price now stands at N1,200 per litre, while the coastal price is N1,153 per litre.
The refinery also reaffirmed its commitment to maintaining steady fuel supply across both domestic and regional markets.
Since commencing operations in September 2024, Dangote Refinery has emerged as a major force in Nigeria’s downstream petroleum sector, significantly influencing fuel pricing and supply dynamics.
This latest adjustment highlights how Nigeria’s fuel market is increasingly tied to global oil price movements, especially in the wake of deregulation, as international crude benchmarks, foreign exchange fluctuations, and geopolitical developments continue to shape local pricing.
