DANGOTE REFINERY CUTS PETROL PRICE TO N1,200/LITRE AMID DROP IN GLOBAL CRUDE
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By Aishat Momoh. O.
Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, reversing its earlier increase following a sharp decline in global crude oil prices.
The latest adjustment represents a N75 drop from the previous price of about N1,275 per litre, which had been implemented in response to rising international oil prices and supply concerns.
A senior official of the refinery confirmed that the earlier price increase was driven by global market trends, particularly tensions in the Middle East that pushed crude oil prices higher.
“The adjustment is in line with global market trends. You are aware of the ongoing tensions in the Middle East and how they have impacted crude oil prices. These are external factors that directly influence refined product pricing,” the official said.
However, the refinery has now reversed the hike after crude oil prices fell significantly amid easing geopolitical tensions.
The drop followed a conditional two-week ceasefire agreement involving Donald Trump and Iran, which reduced fears of supply disruptions, particularly around the Strait of Hormuz.
As a result, Brent crude declined by over 13 per cent to $94.76 per barrel, while U.S. West Texas Intermediate fell by nearly 15 per cent to $96.31 per barrel.
“Yes, the price has been reversed. This follows the current price of crude oil,” the refinery official confirmed.
In a statement, the company clarified that it had not implemented any fresh price increase, contrary to market speculation, but had instead adjusted prices downward.
According to the refinery, the gantry price now stands at N1,200 per litre, while the coastal price is 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 reiterated its commitment to ensuring steady supply across domestic and regional markets despite ongoing volatility in the global oil market.
Since commencing operations in September 2024, the Dangote refinery has emerged as a key player in Nigeria’s downstream sector, with its pricing decisions significantly influencing fuel supply and costs nationwide.
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