By Sabiu Abdullahi
The Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre. This marks a reversal of its earlier price increase after a drop in global crude oil prices linked to geopolitical developments.
The new price reflects a reduction of N75 from the previous rate of about N1,275 per litre. The refinery had earlier raised prices due to rising international oil costs and concerns over supply.
A senior official of the refinery confirmed the adjustment on Tuesday night. He explained that the decision followed changes in global crude oil benchmarks and 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 also said, “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.”
By Wednesday morning, the same official confirmed that the refinery had reversed the earlier increase. He said the latest decision followed a sharp drop in crude oil prices after former United States President Donald Trump announced a conditional two-week ceasefire arrangement with Iran. The development reduced concerns about possible supply disruptions in the Middle East.
Data showed that Brent crude fell by 13.28 per cent to $94.76 per barrel on Wednesday. US West Texas Intermediate also declined by 14.72 per cent to $96.31 per barrel.
The drop in prices followed signs of easing tensions after Trump said the United States would suspend planned military action against Iran for two weeks. The move depends on restoring 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.
The refinery also issued a statement to address speculation about further price increases. It clarified that no additional hike had been introduced and that prices were instead 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 company added that it remains focused on ensuring consistent fuel supply within Nigeria and across the region.
The development comes at a time when Nigeria’s downstream petroleum sector faces continued uncertainty due to fluctuations in global oil prices, exchange rates, and supply chain challenges.
Since it began operations in September 2024, the Dangote refinery has played a major role in shaping fuel supply and pricing in the country. Its latest move highlights the growing link between domestic fuel prices and global market trends following the deregulation of the sector.
