Dangote Refinery Cuts Petrol Price to N1,175/Litre

Dangote Petroleum Refinery announced a significant reduction in its petrol ex-gate price by N75, lowering it from N1,250 to N1,175 per litre. This new price takes effect at 12 AM on June 16.

The decision comes amid a decrease in international crude oil prices and de-escalation of geopolitical tensions in the Middle East. The refinery also reduced its coastal load price by N100, bringing it down to N1,495 per metric ton.

Analysts expect this price adjustment to trigger increased competition across Nigeria's downstream market, with private depot operators likely to respond with further price reductions. The reduction is influenced by a recent correction in the global oil market, particularly following diplomatic developments involving the United States and Iran, which have stabilized the Strait of Hormuz, a critical shipping route.

The current market sentiment suggests that further downward adjustments in petrol and diesel prices may occur if the global energy market remains stable.