Dangote Petroleum Refinery & Petrochemicals has reversed its recent increase in the price of Premium Motor Spirit (petrol), cutting the ex-gantry price to ₦1,200 per litre amid a drop in global crude oil prices.

The adjustment represents a ₦75 reduction from the previous price of about ₦1,275 per litre, which had been introduced in response to rising international oil prices and supply concerns.

A senior official at the refinery confirmed that the earlier price hike was driven by global market realities, particularly tensions in the Middle East that had pushed crude oil prices upward.

“The adjustment is in line with global market trends… external factors directly influence refined product pricing,” the official had stated, noting that petrol rose by about five per cent while diesel saw a sharper increase.

However, the refinery has now reversed the hike following a significant decline in crude oil benchmarks. The drop was linked to easing geopolitical tensions after former United States President Donald Trump announced a conditional two-week ceasefire arrangement with Iran, reducing fears of supply disruptions.

Brent crude fell by over 13 per cent to around $94.76 per barrel, while the US West Texas Intermediate dropped by nearly 15 per cent to about $96.31 per barrel. The decline followed signals of de-escalation involving Iran, the United States, and Israel, particularly around the Strait of Hormuz.

Confirming the development, the refinery stated that no fresh price increase had been implemented, contrary to speculation, and that pricing had instead been adjusted downward.

According to sources within the company, the current pricing structure remains unchanged, with the gantry price at ₦1,200 per litre and the coastal price at ₦1,153 per litre.

The refinery reiterated its commitment to ensuring stable fuel supply across domestic and regional markets, even as global oil price volatility continues to influence Nigeria’s downstream petroleum sector.

Since commencing operations in September 2024, the Dangote refinery has become a major player in Nigeria’s fuel market, with its pricing decisions increasingly reflecting global crude oil trends following the deregulation of the sector.