Dangote Refinery Cuts Fuel Price to N1,200/litre

Dangote Refinery has reversed its recent fuel price increase, slashing the ex-gantry price of Premium Motor Spirit (PMS) by ₦75 to ₦1,200 per litre, industry sources confirmed on Wednesday.

The move comes weeks after the refinery raised its petrol price to about ₦1,275 per litre, citing volatility in global oil markets that had driven up supply costs.

The latest price cut follows a sharp decline in international crude oil prices. Brent crude futures dropped to $95.05 per barrel, marking a 13 per cent fall, while West Texas Intermediate (WTI) crude settled at $97.18, down nearly 14 per cent.

Analysts attribute the drop in crude prices to geopolitical developments in the Middle East, particularly a conditional two-week ceasefire agreement between the United States and Iran, which eased concerns over potential supply disruptions.

Fuel dealers and motorists across major cities have welcomed the reduction, noting that it could help ease the rising cost of living amid persistent inflationary pressures.

Market watchers say the Dangote Refinery’s pricing adjustment may also influence pump prices nationwide, especially if the downward trend in crude oil prices is sustained.

Energy economists note that the development underscores Nigeria’s growing exposure to global oil price dynamics, even as local refining capacity expands.

The Dangote Refinery, which began operations in 2023, was expected to significantly reduce Nigeria’s reliance on imported petrol. However, its pricing decisions remain closely linked to global benchmarks such as Brent and WTI crude futures