Dangote Refinery Reduces Petrol Price to N1,200 per Litre
Dangote Refinery has rolled back its recent fuel price hike, lowering the ex-gantry cost of Premium Motor Spirit (PMS) by N75 to N1,200 per litre, industry sources confirmed on Wednesday.
The reduction follows a brief increase to around N1,275 per litre, which the refinery had attributed to rising production and supply costs amid global oil market fluctuations.
The latest adjustment reflects a sharp decline in international crude prices. Brent crude futures fell to $95.05 per barrel, a 13% drop, while West Texas Intermediate (WTI) crude closed at $97.18, down nearly 14%. Analysts attribute the downturn to geopolitical developments in the Middle East, particularly a conditional two-week ceasefire agreement between the United States and Iran, easing concerns over supply disruptions.
Fuel marketers and commuters in major Nigerian cities have welcomed the move, hoping it will alleviate some of the pressure from rising living costs. Energy sector observers suggest the refinery’s price cut could influence retail petrol prices nationwide if global crude prices remain low.
Despite increased domestic refining capacity since its 2023 launch, Dangote Refinery’s pricing continues to closely track international benchmarks such as Brent and WTI crude futures, highlighting Nigeria’s ongoing sensitivity to global oil markets.
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