The Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, reversing a previous price hike as global crude oil prices decline amid easing geopolitical tensions.
The adjustment marks a N75 drop from the earlier price of about N1,275 per litre, which had been introduced following a surge in international crude prices and supply concerns.
A senior official at the refinery, who confirmed the development, said the pricing review reflects prevailing global oil 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 said.
He had earlier noted that petrol and diesel prices were adjusted upward in line with market realities, adding, “Petrol has been reviewed upward by N75 to N1,275 per litre… while diesel has increased more significantly by N200 to N1,950 per litre.”
However, the same official later confirmed that the refinery has reversed the increase, pointing to a fall in crude oil prices following geopolitical developments.
According to him, the drop in crude benchmarks came after former United States President Donald Trump announced a conditional two-week ceasefire arrangement involving Iran, which helped ease concerns about potential supply disruptions, particularly around the Strait of Hormuz.
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“Yes, the price has been reversed. This follows the current price of crude oil,” he said.
In a separate statement, the refinery clarified that there had been no new price increase, contrary to speculation, and confirmed that prices had 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 steady fuel supply across Nigeria and other regional markets.
The development comes amid ongoing volatility in the downstream petroleum sector, driven by fluctuations in global crude oil prices, exchange rate pressures, and supply chain challenges.
Since commencing operations in September 2024, the Dangote refinery has played a major role in shaping Nigeria’s fuel market, particularly under the country’s deregulated pricing system, where domestic fuel costs are closely tied to international oil benchmarks.