SEATTLE (Oil Monster): Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, reversing its earlier hike following a sharp decline in global crude oil prices.
The N75 price cut comes after the refinery had briefly raised petrol prices to around N1,275 per litre in response to rising international oil benchmarks and geopolitical tensions. However, easing concerns over supply disruptions in the Middle East triggered a significant drop in crude prices, prompting the refinery to revise its pricing downward.
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Brent crude fell over 13% to $94.76 per barrel, while U.S. West Texas Intermediate dropped nearly 15% to $96.31 per barrel after signals of de-escalation involving Iran, the United States, and Israel. The decline followed a conditional ceasefire announcement that reduced fears over disruptions in the Strait of Hormuz.
The refinery confirmed that its gantry price now stands at N1,200 per litre, with coastal pricing at N1,153 per litre, dismissing speculation of further increases.
The move highlights Dangote Refinery’s responsiveness to global oil market trends, as Nigeria’s deregulated downstream sector continues to face volatility driven by international price shifts and supply dynamics.
