The Dangote Petroleum Refinery has reduced its petrol price to ₦1,200 per litre, reversing recent increases after global crude oil prices dropped following a brief easing in tensions in the Middle East.
The refinery had earlier raised its gantry price to around ₦1,245 to ₦1,275 per litre in late March as the Iran-United States-Israel conflict pushed crude oil prices sharply higher.
It was the fifth such increase in just one month.
Before the Iran War, petrol from the Dangote Refinery sold for below ₦1,000 per litre, reflecting more stable global oil conditions.
The Dangote Group spokesman, Anthony Chiejina, said the recent price reduction reflects a “downward review in the refinery’s pricing structure.”
“Dangote Petroleum Refinery has reduced its gantry price for petrol to ₦1,200 per litre,” he announced.
The war triggered one of the biggest oil supply disruptions in recent years, with crude prices rising above $100 per barrel and, at some points, nearing $150 on actual cargoes traded in the market.
This drove petrol pump prices across Nigeria sharply upward.
Pump prices in the country rose to as high as about ₦1,300 per litre in parts of Lagos and higher the farther a location is from the port city.
This made Nigeria the country with the second-highest fuel price increases globally during the crisis.
Industry data shows pump prices climbed by more than 50 percent at the peak of the crisis, as marketers adjusted to rising landing costs and exchange rate pressures.
Since then, prices have continued to swing.
