New price cut offers relief to marketers despite rising crude oil prices and ongoing Middle East tensions…..
Dangote Petroleum Refinery has announced a fresh reduction in the price of petrol, lowering its ex-gantry rate to N1,200 per litre in a move that could ease pressure across Nigeria’s fuel supply chain.
The latest adjustment represents a N75 drop from the previous price of N1,275 per litre, signaling a shift in the refinery’s pricing direction after a series of increases earlier in the month.
Just days ago, petrol prices had been on an upward trajectory. The refinery moved from N1,175 per litre on March 13 to N1,245 per litre on March 20, before rising again to N1,275 per litre on March 21. The new reduction effectively reverses part of that spike, offering a measure of relief to distributors and retailers.
In addition to the gantry price cut, the refinery also reduced its coastal price to N1,153 per litre. According to the company, the decision reflects ongoing adjustments in response to global market conditions, particularly geopolitical tensions that continue to influence oil pricing worldwide.
The refinery noted that the price review is expected to ripple through the downstream sector, potentially lowering costs for depots and retail outlets, and ultimately affecting pump prices for consumers.
Interestingly, the price reduction comes at a time when global crude oil benchmarks are trending upward. Brent crude climbed to $100.54 per barrel on Thursday, highlighting a disconnect between international oil prices and local refining decisions.
Earlier in the week, oil prices had briefly dipped to around $96 per barrel following signals from the United States indicating a delay in potential military action targeting Iranian energy infrastructure. That temporary easing, however, appears to have been short-lived.
Meanwhile, global energy analysts continue to warn of significant supply disruptions. The International Energy Agency recently described the ongoing conflict as one of the most severe shocks the oil market has experienced, underscoring the fragile balance between supply and demand.
Against this backdrop, Dangote Refinery’s latest move may provide short-term stability in Nigeria’s fuel market, even as global uncertainties persist. The extent to which this reduction translates into lower prices at the pump will depend on how marketers adjust and how international conditions evolve in the coming days.
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