Dangote Refinery Slashes Petrol Price by N75 to N1,200 per Litre Amid Global Oil Drop

By Ifeyinwa Ike

Dangote Refinery has reversed its recent fuel price hike, cutting the ex-gantry cost of Premium Motor Spirit (PMS) by N75 to N1,200 per litre, industry sources confirmed Wednesday.

The move follows a sharp increase to around N1,275 per litre, blamed on global oil market volatility driving up production and supply costs. Now, falling crude prices have prompted the rollback.

Brent crude futures dropped to $95.05 per barrel, a 13% decline, while West Texas Intermediate (WTI) closed at $97.18, down nearly 14%. Experts attribute the slide to geopolitical easing in the Middle East, including a U.S.-Iran conditional two-week ceasefire that eased supply disruption fears.

Fuel marketers and commuters in major cities welcomed the news, hoping it eases living costs amid rampant inflation.

Energy sector observers predict ripple effects on retail prices nationwide if global crude trends persist.

Analysts noted that Nigeria’s growing sensitivity to international oil swings, even as domestic refining capacity improves through the Dangote Refinery, which began operations in 2023 to reduce fuel import reliance.