The Dangote Refinery has reduced the ex-gantry price of Premium Motor Spirit (petrol) by ₦75 to ₦1,200 per litre, industry sources said Wednesday.
The price cut comes weeks after the refinery increased petrol prices to about ₦1,275 per litre, citing rising costs driven by volatility in global oil markets.
The latest adjustment follows a decline in international crude prices. Brent crude fell to $95.05 per barrel, down about 13%, while U.S. benchmark West Texas Intermediate settled at $97.18, a drop of nearly 14%.
Analysts attributed the price decline to easing geopolitical tensions in the Middle East, including a conditional two-week ceasefire between the United States and Iran that reduced fears of supply disruptions.
Fuel marketers and motorists in major Nigerian cities welcomed the reduction, saying it could help ease the cost of living amid persistent inflation.
Market analysts said the refinery’s pricing decision could influence pump prices nationwide if the downward trend in crude oil prices continues.
Energy economists noted that the development highlights Nigeria’s continued exposure to global oil price movements, despite increased local refining capacity.
The Dangote Refinery, which began operations in 2023, was expected to reduce the country’s dependence on imported petrol. However, its pricing remains closely tied to international benchmarks such as Brent and West Texas Intermediate crude.
