In a swift turn of events, Dangote Refinery has rolled back its recent petrol price increase, cutting the ex‑gantry price by ₦75 to ₦1,200 per litre. The refinery had earlier raised the price to around ₦1,275 per litre, citing global market pressures.
The reversal follows a sharp drop in international crude prices, with Brent crude falling to $95.05, down about 13%, and WTI crude closing at $97.18, recording a nearly 14% decline. Analysts say the fall in crude prices came after Donald Trump announced a conditional two‑week ceasefire with Iran, easing immediate concerns over oil supply.
Industry sources indicate that Automotive Gas Oil (diesel) may also see a reduction, though official confirmation is still awaited. Retailers are expected to adjust pump prices in the coming days as the reduced gantry cost filters through the supply chain.
Market watchers say the move is a welcome relief for motorists and transport operators, coming amid persistent volatility in Nigeria’s downstream petroleum sector.