Dangote Refinery Cuts Petrol Price to N1,200 per Liter

Dangote Refinery has announced a reversal of petrol prices to N1,200 per liter, a decrease of N75 from the previous price of N1,275 per liter. This decision comes in response to a sharp decline in global crude oil prices, influenced by geopolitical developments.

The refinery's officials confirmed that the price adjustment aligns with the realities of the international crude oil market, particularly following a 13.28% drop in Brent crude prices to $94.76 per barrel. The reduction is attributed to easing tensions in the Middle East, particularly after former U.S.

President Donald Trump announced a two-week ceasefire arrangement with Iran. The refinery, which commenced operations in September 2024, aims to maintain a steady supply across the domestic market.

Officials emphasized that there would be no further increases in petrol prices, countering market speculation, and confirmed that the price structure remains intact, with coastal prices maintained at N1,153 per liter.