The Dangote Petroleum Refinery on Tuesday reduced its ex-gantry petrol price to ₦1,075 per litre, down ₦100 from the previous rate of ₦1,175 per litre. Petrol supplied through coastal distribution will now sell at ₦1,050 per litre, the refinery said.
Gatekeepers News reports that the refinery also cut diesel prices to ₦1,430 per litre, representing a ₦190 reduction from the prior ₦1,620 per litre. Anthony Chiejina, Chief Communications Officer of the Dangote Group, confirmed the revision to Channels Television.
According to the refinery, the price adjustment reflects changes in global oil markets.
“As responsible corporate citizens operating in a high-governance code and ethical environment, we believe it is imperative to reduce the price of our products as a reflection of the decline in global crude oil prices,” the statement read.
The refinery explained that all crude purchases are based on international benchmarks, with forex rates applied at the prevailing market rate, and that the Naira-for-Crude arrangement also follows global benchmark pricing.
First Price Cut After Recent Hikes
The move marks the first price reduction after three consecutive hikes, which had pushed petrol from ₦874 per litre on March 2 to ₦995 per litre on March 7, and then to ₦1,175 per litre on March 9.
The price adjustment comes as crude oil prices fell to $90 per barrel on Tuesday, the first decline since the escalation of the Middle East conflict involving the US, Israel, and Iran.
Global Tensions and Oil Supply
The ongoing war in the Middle East has triggered market volatility. Donald Trump, the US President, told CBS News that the campaign is “very complete, pretty much,” claiming Iran has no navy, air force, or communications capability remaining. He warned that if Iran blocks oil shipments through the Strait of Hormuz, a fifth of global oil supply could be at risk, and Tehran would face an attack of “incalculable” size.
Trump also said the war is “very far” ahead of his initial four-to-five-week timetable and suggested it could end soon.
Dangote Refinery: Product Availability is Key
Despite the price cuts, oil marketers have advised Nigerians to prepare for further increases in petrol prices, potentially reaching ₦1,500 per litre, if geopolitical tensions persist.
Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), told The Morning Brief that the Dangote Refinery remains a “salvation” for the country due to its consistent supply of petroleum products.
“The availability of product is much more important than pricing. It is better for us to have the product available, be able to do our business, and get some level of energy security than not having it,” he said.
