Dangote refinery slashes petrol price to N1,200 per litre amid drop in global crude oil prices

The Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit, commonly known as petrol, to N1,200 per litre, reversing a recent price increase.

The new price represents a N75 reduction from the previous rate of about N1,275 per litre, which the refinery had introduced in response to rising international oil prices and supply concerns.

A top official at the refinery confirmed the development on Wednesday morning, explaining that the price cut followed a sharp decline in global crude benchmarks.

The decline came after former United States President Donald Trump announced a conditional two-week ceasefire arrangement with Iran, easing fears of supply disruptions in the Middle East.

Brent crude price fell by 13.28 per cent to $94.76 per barrel on Wednesday, while US West Texas Intermediate dropped by 14.72 per cent to $96.31 per barrel.

In a statement, the refinery clarified that there had been no further increase in petrol prices, contrary to market speculation, adding that the gantry price remained at N1,200 per litre, with 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 refinery also reaffirmed its commitment to ensuring a steady supply across domestic and regional markets.

The Dangote refinery, which began operations in September 2024, has become a major player in Nigeria’s downstream petroleum sector, influencing fuel prices and supply patterns following the full deregulation of the sector.