Dangote Refinery slashes petrol price to N1,200 per litre

Abdullateef Fowewe

Dangote Refinery has reversed its recent fuel price increase, cutting the ex-gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦75 to ₦1,200 per litre.

The move comes just days after the refinery hiked the price to approximately ₦1,275 per litre, a decision attributed to volatility in global oil markets.

This rapid downward adjustment stems from a dramatic fall in international crude prices.

Brent crude tumbled to $95.05 per barrel—a 13% decline—while West Texas Intermediate (WTI) crude settled at $97.18 per barrel, down nearly 14%.

People link the price drop to U.S. President Donald Trump’s announcement of a conditional two-week ceasefire with Iran, which has significantly reduced fears of supply disruptions in the global oil market.