Dangote Refinery Cuts Petrol Price to N1,200 per litre

Dangote Refinery has reduced the price of Premium Motor Spirit, also known as petrol, by N75 to N1,200 per litre.

The latest adjustment comes days after the refinery raised the price to about N1,275 per litre, citing instability in the global oil market and higher production and supply costs.

Industry sources said the new price cut is linked to the recent drop in global crude oil prices.

Brent crude fell to $95.05 per barrel, down by 13 per cent, while West Texas Intermediate closed at $97.18, a drop of nearly 14 per cent.

Experts said the decline was largely influenced by developments in the Middle East, especially the temporary two-week ceasefire between the United States and Iran, which helped calm concerns over possible supply disruptions.

Fuel marketers and commuters in major cities have welcomed the reduction, hoping it will help reduce transport costs and ease pressure on household spending.

Energy sector observers said the refinery’s decision could also lead to lower retail petrol prices nationwide, especially if crude oil prices continue to fall.

Analysts added that the development shows Nigeria remains highly affected by changes in global oil prices, despite growing local refining capacity.

Dangote Refinery began operations in 2023 and was expected to reduce Nigeria’s dependence on imported fuel.

However, its petrol pricing still closely follows international oil benchmarks such as Brent and WTI.