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Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, reversing a recent increase following a sharp decline in global crude oil prices.
The adjustment represents a N75 drop from the earlier price of about N1,275 per litre, which had been introduced due to rising international oil prices and supply concerns.
A senior official at the refinery confirmed the development to Punch News, stating that the pricing decision reflects changing global market conditions, noting that fluctuations in crude oil benchmarks, driven by geopolitical tensions, continue to influence the cost of refined products.
He explained that the earlier price increase was in response to rising crude prices, but the refinery has now reversed that move as the market softened.
“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,”
“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.”
According to the official, the latest cut followed a significant drop in crude oil prices after a de-escalation in tensions involving the United States, Iran and Israel, including a proposed temporary ceasefire that eased fears of supply disruptions.
Brent crude fell to around $94 per barrel, while US West Texas Intermediate also declined sharply, reflecting improved market conditions.
Confirming the development, the refinery said it had not introduced any new price increase, contrary to speculation, but had instead adjusted prices downward in line with global trends.
It added that the current pricing structure remains at N1,200 per litre at the gantry and N1,153 per litre for coastal sales, while reaffirming its commitment to maintaining a steady supply to both domestic and regional markets.
