The Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to ₦1,200 per litre, reversing an earlier upward adjustment following a sharp decline in global crude oil prices driven by easing geopolitical tensions.
The latest review reflects a ₦75 reduction from the previous price of about ₦1,275 per litre, which had been introduced in response to rising international oil benchmarks and supply uncertainties.
A senior official at the refinery confirmed the development on Tuesday night, explaining that the pricing adjustment was influenced by prevailing 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 said.
The official had earlier noted that petrol and diesel prices were reviewed upward due to international market pressures, with diesel rising significantly.
However, the situation changed following a sudden drop in crude oil prices.
The reversal was linked to a decline in global crude benchmarks after reports of easing tensions in the Middle East, including a conditional two-week ceasefire arrangement announced by former United States President Donald Trump regarding Iran-related hostilities.
Following the development, Brent crude reportedly fell by 13.28 per cent to $94.76 per barrel, while West Texas Intermediate dropped by 14.72 per cent to $96.31 per barrel, reflecting renewed investor confidence in improved supply stability.
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According to the refinery official, the price cut aligns with the updated crude oil outlook.
“Yes, the price has been reversed. This follows the current price of crude oil,” the source added.
In a follow-up statement, the refinery clarified that there had been no further increase in petrol prices, dismissing market speculation of fresh hikes.
It confirmed that the gantry price remains at ₦1,200 per litre, while the coastal price stands at ₦1,153 per litre.
“We are maintaining our existing price and have not implemented any new pricing for our customers,” the company stated.
The refinery further reiterated its commitment to ensuring steady fuel supply across Nigeria and regional markets, noting that its pricing model remains closely tied to global oil dynamics.
Since commencing operations in September 2024, the Dangote Refinery has played a significant role in shaping Nigeria’s downstream petroleum sector, influencing pricing trends and supply distribution.
The latest adjustment highlights the increasing sensitivity of domestic fuel prices to global crude movements, especially following the deregulation of Nigeria’s downstream oil market, which has exposed pricing to international market forces.