In a sudden shift that could bring relief to fuel marketers and consumers, the Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (petrol) to ₦1,200 per litre.
The new price represents a ₦75 drop from the earlier rate of about ₦1,275 per litre, reversing a recent increase the refinery had introduced amid rising international crude oil prices and fears of supply disruptions.
A senior official at the refinery had earlier confirmed that the initial price hike was driven by global market conditions, particularly tensions in the Middle East that pushed crude prices upward.
“The adjustment was based on international market trends,” the official said at the time, noting that geopolitical developments had significantly affected crude oil benchmarks and refined product pricing worldwide.
However, the refinery later rolled back the increase after global oil prices fell sharply following signs of easing tensions involving the United States, Iran, and Israel.
The development came after Trump announced a conditional two-week ceasefire arrangement with Iran, which reduced fears of disruptions to oil shipments through the vital Strait of Hormuz.
As tensions cooled, benchmark crude prices dropped significantly. Brent crude fell by about 13.28% to $94.76 per barrel, while West Texas Intermediate slipped roughly 14.72% to $96.31 per barrel.
Confirming the latest adjustment, refinery sources said the price reduction simply reflects the current trend in global crude prices.
“We have reversed the earlier increase. The gantry price is now ₦1,200 per litre,” the official said.
The company also clarified that reports of a fresh price increase were inaccurate, adding that its current pricing structure remains unchanged — with the gantry price at ₦1,200 per litre and the coastal price at ₦1,153 per litre.
Since commencing operations in September 2024, the massive refinery built by Aliko Dangote has rapidly become a key force in Nigeria’s fuel market, influencing supply patterns and pricing across the country.
Industry observers say the refinery’s quick response to global oil price movements highlights how Nigeria’s fuel pricing is increasingly tied to international market trends following the deregulation of the downstream petroleum sector.
