The Dangote Petroleum Refinery has reduced the ex-depot price of petrol by N50 per litre, reflecting the recent drop in international crude oil prices following easing tensions in the Middle East.
Under the new pricing arrangement, the refinery’s gantry price has fallen from N1,175 per litre to N1,125 per litre. The adjustment took effect from midnight on Thursday, according to a notice issued to customers by the company’s commercial operations department.
The refinery said the decision was influenced by developments in the global energy market, particularly the reduction in geopolitical tensions that had previously pushed oil prices higher.
In addition to the cut in the gantry price, the refinery also lowered its coastal supply price from N1.495 million per metric tonne to N1.428 million per metric tonne.
Customers with pending product allocations that had not yet been loaded will benefit from the revised pricing, as the refinery confirmed that such volumes would be recalculated using the new rate.
The price adjustment comes as international crude oil prices continue to retreat after diplomatic efforts between the United States and Iran helped calm concerns over disruptions to oil shipments through the Strait of Hormuz.
During the height of the tensions, crude prices climbed above $100 per barrel and at times approached $120 per barrel, leading to significant increases in fuel prices worldwide. In Nigeria, petrol prices rose beyond N1,300 per litre in some locations, while diesel and aviation fuel costs also surged.
Although the latest reduction is relatively modest, industry observers believe it could encourage marketers and depot operators to review their prices downward, potentially providing some relief for consumers and businesses facing high transportation and operating costs.
Recent market data showed crude oil trading around $73 per barrel, significantly lower than levels recorded during the Middle East crisis. Despite this decline, petrol prices at many filling stations have remained above N1,200 per litre.
Many consumers had expected a sharper drop in pump prices as crude oil retreated. Stakeholders argue that further reductions may be necessary if lower global oil prices are sustained.
Since commencing operations, the Dangote refinery has played a major role in shaping fuel pricing trends in Nigeria, making its latest adjustment a closely watched development across the downstream petroleum sector.
