Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of petrol to N1,200 per litre. This reverses the earlier increase due to falling global crude oil prices. The previous price stood at N1,275 per litre, reflecting a N75 increase tied to rising international oil costs.
A refinery official confirmed the earlier hike, explaining it aligned with prevailing crude benchmarks and market realities. Geopolitical tensions in the Middle East had pushed crude prices upward, impacting refined product costs. Diesel prices also rose by N200 to N1,950 per litre amid these market fluctuations.
However, the refinery reversed its price increment on Wednesday morning. The adjustment follows a significant crude decline after former US President Donald Trump announced a conditional two-week ceasefire with Iran. Brent crude fell by 13.28% to $94.76 per barrel, while US West Texas Intermediate dropped by 14.72% to $96.31 per barrel.
The refinery confirmed there was no fresh petrol increase, stressing the gantry price remains N1,200 per litre, with coastal pricing at N1,153. Officials emphasized the company’s commitment to steady domestic and regional fuel supply.
Since its September 2024 launch, the Dangote refinery has influenced Nigeria’s fuel market, responding quickly to global price changes. Its actions highlight the growing link between domestic fuel pricing and international oil dynamics, reflecting downstream sector deregulation and market integration.
