The Dangote Refinery has reduced its ex-gantry petrol price to ₦1,075 per litre, a decrease of ₦100 from the previous rate of ₦1,175. The company’s Chief Communications Officer, Anthony Chiejina, confirmed that petrol for coastal distribution will now sell at ₦1,050 per litre. The price of diesel was also cut by ₦190 to ₦1,430 per litre.
This adjustment follows three consecutive price increases that had raised fuel costs in recent weeks. On Monday, the refinery had raised petrol to ₦1,175 per litre, up from ₦995 on March 7 and ₦874 on March 2. refinery CEO Adewale Adenuga previously noted that the facility is not immune to global oil market fluctuations, as it procures crude based on international benchmarks.
The price reduction coincides with a decline in global crude oil prices to $90 per barrel on Tuesday, marking the first drop since the onset of the Middle East conflict. The war involving the United States, Iran, and Israel had previously driven oil prices higher, contributing to increased domestic fuel costs.
U.S. President Donald Trump stated the conflict is nearing completion, claiming Iranian military capabilities have been largely dismantled. He warned of a severe response if Iran attempts to block oil shipments through the Strait of Hormuz, a critical passage for global supplies.
Despite the temporary relief, industry stakeholders anticipate further price pressures. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), cautioned that petrol prices could rise to ₦1,500 per litre if geopolitical tensions persist. Speaking on Channels Television, he emphasized that the Dangote Refinery’s consistent supply remains crucial for national energy security, even at elevated prices.
“The availability of product is much more important than pricing,” Gillis-Harry said, noting that logistics and additional charges will likely push final retail prices higher. He described the refinery as “the salvation” for Nigeria’s fuel supply amid ongoing volatility.
The refinery’s pricing decisions reflect the direct impact of global oil dynamics on Nigeria’s domestic market. While the recent crude price drop offers short-term reprieve, the unresolved Middle East conflict and potential supply disruptions continue to pose significant risks to fuel affordability and availability.
