Fuel Relief: Dangote Reverses Petrol Price Hike, Drops PMS to ₦1,200

Fuel Relief: Dangote Reverses Petrol Price Hike, Drops PMS to ₦1,200

The Dangote Petroleum Refinery & Petrochemicals has reversed its recent petrol price increase, reducing the ex‑gantry price of Premium Motor Spirit (PMS) — commonly known as petrol — to ₦1,200 per litre amid a sharp decline in global crude oil prices triggered by easing geopolitical tensions.

The adjustment marks a ₦75 reduction from the previous price of ₦1,275 per litre, which had been introduced only days earlier due to rising crude oil benchmarks. A senior refinery official confirmed the rollback, noting that international oil market fluctuations directly influence domestic fuel pricing.

“The adjustment aligns with global market trends,” the official said, adding that geopolitical developments in the Middle East, including a temporary ceasefire agreement between the United States and Iran, contributed to the drop in crude oil prices. Brent crude fell by 13.28% to $94.76 per barrel, while US West Texas Intermediate dropped by 14.72% to $96.31 per barrel, easing pressure on domestic fuel costs.

READ ALSO:

• Trump Accuses CNN of ‘Fake News’ Over Iran Ceasefire Victory Report
• Police Debunk Viral Claim of 488 Boko Haram Arrests in Abia
• Trump Threatens 50% Tariffs on Countries Supplying Weapons to Iran

In a statement, the refinery clarified that no new petrol price increase has been implemented, confirming that the gantry price remains at ₦1,200 per litre and the coastal price at ₦1,153 per litre. The company assured the public of its commitment to steady fuel supply across domestic and regional markets.

The reduction comes amid ongoing volatility in Nigeria’s downstream petroleum sector, influenced by foreign exchange fluctuations, supply chain challenges, and global oil price swings. The Dangote refinery, which began operations in September 2024, has become a dominant player in Nigeria’s fuel market, significantly affecting pricing and supply patterns nationwide.

Analysts note that while the rollback is welcomed by consumers, retail petrol prices may still vary depending on how quickly marketers adjust pump prices, distribution logistics, and exchange rate considerations. The refinery’s responsiveness underscores the integration of Nigeria’s fuel pricing with international market realities following deregulation of the downstream sector.

Fuel Relief: Dangote Reverses Petrol Price Hike, Drops PMS to ₦1,200