Dangote Refinery reduces wholesale petrol price to N1,175

Dangote Petroleum Refinery has reduced the wholesale price of petrol by N75 per litre, a move expected to lower fuel costs for consumers across Nigeria. The price adjustment, announced to fuel marketers on Monday, June 15, took effect at midnight on Tuesday, June 16.

The refinery’s new ex-gantry price is N1,175 per litre, down from N1,250. The coastal price per metric tonne was also reduced to N1,495,215 from N1,595,790. The company stated that all outstanding, unloaded gantry volumes would be repriced at the new rate.

In a circular, the refinery attributed the price cut to easing geopolitical tensions in the Middle East, which have led to a decline in global crude oil prices. The company specifically cited the de-escalation of a conflict between the United States and Iran that began in late February, which had driven energy prices higher for three months. The recent ceasefire agreement and plans to reopen the Strait of Hormuz, a critical oil shipping route, have improved market sentiment.

During the three-month period of heightened tensions, crude oil prices surged above $120 per barrel, triggering sharp increases in fuel prices worldwide. In Nigeria, petrol prices climbed from...