The Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (petrol) by ₦100. The price dropped from ₦1,175 to ₦1,075 per litre. The refinery said the change followed a fall in global crude oil prices.
Global crude oil prices recently declined to about $88 per barrel. Earlier, prices had risen to around $110 per barrel during tensions linked to the Middle East conflict involving the United States, Iran and Israel.
Under the new pricing structure released by the refinery, petrol supplied through coastal distribution will sell for ₦1,050 per litre. The refinery also reduced the price of diesel. Diesel now sells for ₦1,430 per litre, down from ₦1,620. This represents a reduction of ₦190.
Crude oil prices began to fall after comments from U.S. President Donald Trump. He suggested that the war with Iran could end soon. The statement reduced fears of long disruptions to global oil supply.
Earlier in the conflict, Iran blocked the Strait of Hormuz and attacked regional targets. These actions pushed oil prices to their highest level since 2022.
Despite the refinery’s price cut, many filling stations in Nigeria have not adjusted their pump prices. In Abuja, some marketers still sell petrol at ₦1,285 to ₦1,330 per litre.
However, there are signs of small relief in transport costs. In some parts of Abuja, bus fares have dropped slightly after the refinery’s announcement.
Energy analysts say the impact may take time to spread. They expect it could take several weeks before the price reduction reflects at depots and retail stations across the country.
