Dangote Petroleum Refinery has reversed an earlier price increase and returned the ex-gantry price of petrol to ₦1,200 per litre, citing a sharp drop in global crude oil benchmarks triggered by easing Middle East tensions.
The adjustment, confirmed on Wednesday, brings the coastal supply price to ₦1,153 per litre and reverses a temporary hike of ₦75 to ₦1,275 implemented the previous day.
A senior refinery official attributed the change directly to international market movements. “Yes, the price has been reversed. This follows the current price of crude oil,” the official said.
The refinery also issued a statement stressing it had not implemented any new upward pricing. “We are maintaining our existing price and have not implemented any new pricing for our customers,” it said.
The price drop follows a 13.28 percent decline in Brent crude to $94.76 per barrel and a 14.72 percent fall in US West Texas Intermediate to $96.31 per barrel after US President Donald Trump announced a conditional two-week ceasefire arrangement with Iran.
The refinery said the adjustment reflected “global market trends” and ongoing tensions in the Middle East that influence refined product pricing. It reiterated its commitment to steady supply across domestic and regional markets.
