Dangote Refinery Cuts Petrol Price Amid Global Oil Decline

On April 8, 2026, Dangote Refinery announced a rollback in its ex-depot petrol price from ₦1,275 to ₦1,200 per liter, responding to a significant decline in the global oil market. This price reduction follows a previous increase of ₦75 per liter, which represented a 5.02% jump.

Additionally, the refinery raised the price of diesel to ₦1,950 per liter. Reports indicate that while diesel prices may see a reduction, this has not yet been officially confirmed.

The latest price adjustments come in light of a sharp drop in international crude oil prices, with Brent crude falling to $95.05 per barrel, a nearly 14% decline. Analysts attribute this decrease to easing geopolitical tensions, particularly following former U.S.

President Donald Trump's announcement of a two-week ceasefire involving Iran, which has reduced fears of supply disruptions and the reopening of the Strait of Hormuz, a vital route for 20% of the world's energy supply.