Dangote Cuts Petrol Price as Brent Falls Below $80
Global crude oil prices fell sharply this week, prompting Dangote Petroleum Refinery and other suppliers to cut petrol prices in Nigeria.
The drop followed easing geopolitical tensions in the Middle East and an expected peace deal between the United States and Iran, which could reopen the Strait of Hormuz.
As of June 16, 2026, Brent crude traded at $78.63 per barrel, while West Texas Intermediate (WTI) stood at $75.74 per barrel, both at multi-month lows.
Dangote Refinery reduced its ex-depot petrol price from ₦1,250 to ₦1,175 per litre, while other importers such as Rainoil and Ardova cut prices to ₦1,180 from ₦1,280.
The reductions offer relief to Nigerians facing high transport and living costs, though many filling stations in Lagos and other cities still sell petrol at ₦1,270–₦1,300 per litre.
Marketers, however, argued the cuts are insufficient. IPMAN National Secretary, Alhaji Olanrewaju Okanlawon, said: “The reduction is not enough… Brent crude could go to $70 per barrel in a few days’ time.” He urged members to avoid excess buying to prevent losses.
Analysts noted that fuel prices rose quickly when crude surged above $100 earlier in the year, but domestic reductions have lagged behind the recent sharp fall.
With a refining capacity of 650,000 barrels per day, the Dangote Refinery has become a dominant force in Nigeria’s downstream sector, reducing dependence on imports and intensifying competition among suppliers.