Dangote cuts petrol to 1,250 naira, diesel to 1,700

The Dangote Petroleum Refinery has reduced the price of petrol and diesel, offering potential relief to consumers amid a volatile global oil market. The Lagos-based refinery announced it has lowered the ex-depot price of petrol to 1,250 naira per litre from 1,275 naira, while diesel has been cut to 1,700 naira per litre from 1,800 naira.

The company stated the price adjustments are a response to recent declines in international crude oil prices and are intended to support economic activities and make refined products more affordable. An official from the refinery confirmed the reductions are due to the sustained drop in global crude prices, which serve as the facility's major feedstock. The refinery, which has a capacity of 650,000 barrels per day, has become a significant supplier to Nigeria's domestic market since commencing operations, aiming to reduce the country's dependence on imported fuel.

The price cuts come against a backdrop of significant instability in global energy markets linked to geopolitical tensions. A conflict involving the United States, Israel, and Iran that began in late February led to the closure of the Strait of Hormuz, a critical shipping channel...