The Dangote Petroleum Refinery & Petrochemicals has slashed the ex-gantry price of Premium Motor Spirit (petrol) to ₦1,200 per litre, reversing its earlier increase amid a sharp drop in global crude oil prices triggered by geopolitical developments.
The latest adjustment represents a ₦75 reduction from the previous price of about ₦1,275 per litre, which the refinery had implemented in response to rising international oil prices and supply concerns.
A top official at the refinery, who confirmed the development on Tuesday night, said the facility adjusted its pricing in response to prevailing international crude oil benchmarks and market realities.
“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, the same refinery official said on Wednesday morning that the refinery has now reversed its decision to increase prices.
The official noted that the price cut followed a significant decline in crude benchmarks after former United States President Donald Trump announced a conditional two-week ceasefire arrangement with Iran, easing fears of supply disruptions in the Middle East.
Brent crude price fell by 13.28 per cent to $94.76 per barrel on Wednesday amid easing geopolitical tensions involving Iran, the United States and Israel.
U.S. West Texas Intermediate also dropped by 14.72 per cent to $96.31 a barrel.
The decline in Brent followed signals of de-escalation after President Donald Trump said the United States would suspend planned military action against Iran for two weeks, conditional 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,” he added in a telephone interview.
Confirming the new development, the refinery, in a statement, said there had been no further increase in petrol prices, contrary to market speculation, stressing that the company had instead adjusted its pricing 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 statement added that the refinery remained committed to ensuring a steady supply across the domestic and regional markets.
The latest development comes as Nigeria’s downstream petroleum sector continues to grapple with volatility driven by global oil market swings, foreign exchange fluctuations, and supply chain dynamics.
The Dangote refinery, which commenced operations in September 2024, has become a dominant player in the domestic fuel market, influencing fuel prices and supply patterns across the country.
The refinery’s responsiveness to global price movements underscores the growing integration of Nigeria’s fuel pricing with international market realities following the deregulation of the downstream sector.
The PUNCH