Dangote Refinery Lowers Petrol Price to N1,200 per Liter

Dangote Refinery announced a reduction in petrol prices to N1,200 per liter, a decrease of N75 from the previous price of N1,275 per liter. This decision was confirmed by a senior official on Tuesday night and reflects changes in the international oil market due to a recent decline in global crude oil prices.

The refinery had previously raised prices in response to supply concerns linked to rising crude oil benchmarks. However, the latest price cut aligns with a significant drop in crude oil prices, with Brent crude falling 13% to $94.76 per barrel and U.S.

West Texas Intermediate crude declining nearly 15% to around $96.31 per barrel. This drop was influenced by a two-week ceasefire arrangement announced by former U.S.

President Donald Trump regarding Iran, which alleviated fears of supply disruptions in the region. The refinery clarified that its price structure remains intact, with coastal prices maintained at N1,153 per liter, ensuring steady supply across Nigeria.