Dangote Refinery Cuts Petrol Prices in Nigeria

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of premium motor spirit (petrol) from ₦175 to ₦125 per litre. This decision is expected to lead to a decrease in petrol prices across Nigeria.

The refinery's management attributed this price cut to a decrease in global energy prices, which has been influenced by eased geopolitical tensions in the Middle East. Prior to this, international oil prices surged due to hostilities involving the United States, Israel, and Iran, which threatened critical shipping lanes and temporarily closed the Strait of Hormuz, a vital waterway controlling about one-fifth of the global oil supply.

Recent market checks indicate that the international oil benchmark Brent crude has dropped to $73.14 per barrel, while the U.S. variant West Texas Intermediate (WTI) fell to $69.85 per barrel. Local retail stations in Nigeria are currently selling petrol at prices ranging from ₦770 to ₦800.