Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, reversing its previous increase following a sharp decline in global crude oil prices triggered by easing geopolitical tensions.
The latest adjustment represents a N75 reduction from the earlier price of N1,275 per litre, which the refinery had implemented in response to rising international oil prices and supply concerns.
A top official at the refinery, who spoke in confidence to PUNCH correspondent on Tuesday night, had confirmed the initial price hike, explaining that the adjustment aligned with prevailing international crude oil benchmarks.
“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.
The same official added that diesel prices had previously increased more significantly by N200 to N1,950 per litre, reflecting international market realities.
However, on Wednesday morning, the refinery official confirmed that the price increase had been reversed following a substantial drop in crude oil benchmarks. The decline followed former United States President Donald Trump’s announcement of a conditional two-week ceasefire with Iran, easing fears of supply disruptions in the Middle East.
Brent crude fell by 13.28 per cent to $94.76 per barrel, while US West Texas Intermediate dropped by 14.72 per cent to $96.31 per barrel.
“Yes, the price has been reversed. This follows the current price of crude oil,” the official told our correspondent via telephone.
The refinery confirmed the adjustment in a formal statement, clarifying that, contrary to market speculation, petrol prices had not increased but had been reduced. The gantry price now stands 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 statement added that the refinery remains committed to ensuring a steady supply across domestic and regional markets.
Background
The Dangote Refinery, which began operations in September 2024, has quickly become a key player in Nigeria’s domestic fuel market, significantly influencing pricing and supply patterns nationwide.
Nigeria’s downstream petroleum sector continues to experience volatility driven by global oil market swings, foreign exchange fluctuations, and supply chain challenges. The refinery’s responsiveness to international price movements highlights Nigeria’s growing integration into global fuel markets following downstream deregulation.
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