The Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (petrol) to ₦1,200 per litre, reversing its earlier price increase following a sharp drop in global crude oil prices.
The new price marks a ₦75 reduction from the previous rate of about ₦1,275 per litre, which had been introduced in response to rising international oil prices and supply concerns.
A senior official at the refinery confirmed the adjustment on Tuesday night, explaining that the decision was driven by changes in global crude oil benchmarks and prevailing 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, who spoke in confidence due to the lack of authorisation to speak on the matter, stated.
He added, “Petrol has been reviewed upward by N75 to N1,275 per litre, which is about a five per cent increase, while diesel has increased more significantly by N200 to N1,950 per litre. These changes reflect the realities of the international market.”
However, by Wednesday morning, the same official disclosed that the refinery had reversed the earlier increase, citing a significant drop in crude oil prices.
According to him, the price cut followed easing geopolitical tensions after former United States President Donald Trumpannounced a conditional two-week ceasefire arrangement with Iran, reducing fears of supply disruptions in the Middle East.
Brent crude prices declined by 13.28 per cent to $94.76 per barrel, while U.S. West Texas Intermediate fell by 14.72 per cent to $96.31 per barrel, reflecting improved market sentiment amid the de-escalation.
The drop in prices was linked to signals that the United States could suspend planned military action against Iran, contingent on the restoration of safe passage through the Strait of Hormuz.
“Yes, the price has been reversed. This follows the current price of crude oil,” the official added during a telephone interview.
In a separate statement, the refinery confirmed that there had been no further increase in petrol prices, dismissing market speculation and reiterating that prices had instead been adjusted downward.
“A source at the company confirmed that its pricing structure remains intact, with the gantry price at N1,200 per litre and 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 consistent fuel supply across Nigeria and regional markets.
This latest adjustment highlights the continued volatility in Nigeria’s downstream petroleum sector, where fuel prices remain sensitive to global oil market trends, foreign exchange movements, and supply chain dynamics.
Since commencing operations in September 2024, the Dangote refinery has emerged as a major force in Nigeria’s fuel market, significantly shaping pricing and supply patterns. Its responsiveness to global crude price fluctuations reflects the increasing alignment of domestic fuel pricing with international market conditions following the deregulation of the sector.
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