Following a sharp decline in global crude oil prices, Dangote Petroleum Refinery has lowered the ex-depot prices of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) to make petroleum products more affordable across Nigeria. Under the newly announced pricing structure, the refinery reduced wholesale petrol costs by ₦50, moving from ₦1,215 to ₦1,165 per litre, while diesel prices dropped by ₦80, moving from ₦1,650 to ₦1,570 per litre. As a result of these wholesale adjustments, pump prices at retail stations are expected to range between ₦1,200 and ₦1,250 per litre, depending on retail locations and associated logistical expenses.
This price adjustment directly mirrors recent movements in international energy markets. Brent crude, the global benchmark, dropped by nearly 5 percent to fall below $80 per barrel on Tuesday, a significant decline from last week's peak of $100 per barrel. Market analysts attribute the plunge to growing optimism over diplomatic engagements between the United States, Iran, and Oman aimed at restoring commercial shipping through the Strait of Hormuz. High-ranking officials indicate that negotiations have advanced substantially, raising prospects that safe transit through the strategic waterway could resume shortly. According to Iranian Foreign Ministry spokesperson Esmaeil Baghaei, technical and security negotiations between Iran and Oman are in their final stages, with both nations finalizing a joint agreement on coordinates for a safe shipping lane.
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In an official statement released on Wednesday, the Dangote Group emphasized that the price reduction aligns with its commitment to support domestic economic activity and pass operational efficiencies on to Nigerian consumers whenever market conditions allow. The refinery further highlighted its ongoing role in enhancing national energy security, reducing dependence on imported fuel, and ensuring a stable domestic energy supply.
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