Dangote Refinery Cuts Petrol Price to N1,200 per Liter

Dangote Petroleum Refinery has announced a reversal of its recent fuel price increase, reducing the price of petrol from N1,275 to N1,200 per liter. This decision comes in response to a sharp decline in global crude oil prices, which fell significantly due to geopolitical developments, including a two-week ceasefire arrangement announced by former U.S.

President Donald Trump regarding Iran. Brent crude prices dropped by 13.28% to $94.76 per barrel, while West Texas Intermediate fell by 14.72% to $96.31 per barrel.

The refinery's officials confirmed that the price adjustment reflects the realities of the international market and emphasized that there would be no new increases in petrol prices. The refinery commenced operations in September 2024 and is becoming a dominant player in Nigeria's fuel market, influencing pricing and supply patterns across the country.

The latest price cut is part of the refinery's commitment to ensuring a steady supply in the domestic market amid ongoing volatility in the global oil market.