Dangote Refinery petrol price cut sees N75 reduction as global oil prices ease following Middle East de-escalation and improved supply outlook

The Dangote Petroleum Refinery has reduced its gantry price of Premium Motor Spirit (petrol) by N75 per litre, in a move attributed to easing geopolitical tensions in the Middle East and a subsequent decline in global crude oil prices.

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In a circular issued to fuel marketers on Monday, the refinery announced a downward review of its pricing structure, stating that the adjustment followed recent de-escalation in hostilities that had previously driven up energy costs over the past three months.

The Dangote Refinery Petrol Price Cut sets the new gantry price at N1,175 per litre, down from N1,250, while the coastal price per metric tonne has been reduced from N1,595,790 to N1,495,215.

The new rates are scheduled to take effect from midnight, with the company adding that all outstanding gantry volumes yet to be lifted will be repriced under the revised structure.

Market operators were informed that the adjustment is intended to reflect current global market realities and ensure continued supply stability across distribution channels.

The refinery stated that the review follows improved sentiment in international energy markets after reports of diplomatic engagement between the United States and Iran, which has eased fears over potential disruptions in the Strait of Hormuz.

Global crude prices, which had previously surged amid conflict-related uncertainty, have begun to retreat in response to renewed peace signals and expectations of improved supply flow.

Industry data suggests that Brent crude, the international benchmark, has fallen from earlier highs as market pressure softens, creating room for downstream price adjustments across several economies.

In Nigeria, petrol prices had risen significantly in recent months, driven largely by global crude volatility, currency pressures and supply chain adjustments within the downstream sector.

The latest reduction by the Dangote refinery is expected to offer partial relief to marketers and consumers, with analysts suggesting further price moderation could follow if global crude prices continue to stabilise.

Some industry observers note that retail petrol prices in parts of the country had recently hovered around N1,240 per litre, making the new gantry rate comparatively more competitive.

Energy analysts also caution, however, that domestic pump prices may still depend on inventory costs, logistics, and outstanding higher-priced crude stock held by refiners.

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As markets continue to respond to geopolitical developments, stakeholders say attention will remain on whether sustained peace in the Middle East translates into longer-term stability in global fuel pricing.