Dangote Refinery Cuts Petrol Price to ₦1,250 per Liter

Dangote Refinery announced a reduction in the ex-depot price of premium motor spirit (petrol) from ₦1,325 to ₦1,250 per liter, effective from midnight. This decision was communicated through a circular issued to the fuel market on Monday and is attributed to easing tensions in the Middle East, which have influenced global energy prices over the past three months.

The refinery also adjusted its coastal price per metric ton from ₦1,595 to ₦1,495. The price cut follows a significant decline in global crude oil prices, which surged above $120 per barrel during recent conflicts in the region.

The refinery's latest move is expected to provide relief to consumers facing inflationary pressures due to elevated fuel costs. Senior officials at Dangote Refinery indicated that further price reductions could be possible if crude oil prices remain stable.