Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, reversing its earlier increase.
This N75 reduction follows a sharp drop in global crude oil prices due to easing geopolitical tensions, particularly a conditional two-week ceasefire between the US and Iran.
The refinery had raised the price to N1,275 per litre citing rising international oil prices and supply concerns.
The latest adjustment is expected to ease costs for marketers, depots, and consumers, potentially leading to lower retail petrol prices nationwide.
A top official at the refinery, who confirmed the development on Tuesday said: “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, who spoke in confidence due to the lack of authorisation to speak on the matter, stated.
He added: “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.”
Brent crude price fell by 13.28 per cent to $94.76 per barrel on Wednesday amid easing geopolitical tensions involving Iran, the United States and Israel.
US West Texas Intermediate also dropped by 14.72 per cent to $96.31 a barrel.
The decline in Brent followed signals of de-escalation after President Donald Trump said the United States would suspend planned military action against Iran for two weeks, conditional on the restoration of safe passage through the Strait of Hormuz.
“Yes, the price has been reversed. This follows the current price of crude oil,” he added in a telephone interview.
While confirming the new development, the refinery, in a statement, said there had been no further increase in petrol prices, contrary to market speculation, stressing that the company had instead adjusted its pricing 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 statement added that the refinery remained committed to ensuring a steady supply across the domestic and regional markets.
