Dangote Refinery Cuts Petrol Price by N100 as Crude Drops to $88

The Dangote Petroleum Refinery has reduced its ex-gantry petrol price by N100 per litre to N1,075 from N1,175 following a drop in global crude oil prices. The refinery also announced that petrol supplied through coastal distribution will now sell at N1,050 per litre, while diesel price was lowered to N1,430 per litre from N1,620.

The price adjustment followed a sharp decline in crude oil prices after Donald Trump said the ongoing conflict involving the United States, Iran and Israel could end soon, easing fears of prolonged disruptions to global oil supply. Brent crude fell to about $88 per barrel from $110, which had surged amid tensions and the blockade of the Strait of Hormuz.

Despite the reduction at the refinery, many filling stations and depots across Nigeria retained earlier high pump prices, with petrol selling between N1,150 and N1,330 per litre in some locations. Transport fares also surged in several cities, while some motorists said rising fuel costs had forced them to cut down on driving.

Industry analysts say retail prices may decline later after marketers exhaust existing stock. The Petroleum Products Retail Outlets Owners Association of Nigeria noted that fuel prices will continue to fluctuate in line with developments in the global oil market and geopolitical tensions.