Nigeria’s Dangote Petroleum Refinery has reduced the ex-gantry price of petrol to N1,200 per litre, reversing a recent increase as global oil prices decline.
The adjustment marks a N75 drop from the previous price of about N1,275 per litre, which had been raised earlier due to rising international crude prices and supply concerns.
A senior refinery official said the pricing changes reflect shifts in global oil benchmarks, highlighting how domestic fuel costs in Nigeria are closely tied to international market trends.
The refinery’s earlier price hike followed tensions in the Middle East, but the situation has since eased after a reported two-week ceasefire arrangement involving the United States and Iran, reducing fears of supply disruptions.
As a result, Brent crude prices fell significantly, dropping to about $94.76 per barrel, prompting the refinery to review and lower petrol prices in response to improved global supply conditions.