Dangote Petroleum Refinery has reduced its ex-gantry petrol price to ₦1,075 per litre, marking a ₦100 drop from the previous ₦1,175 per litre, the first price cut following three consecutive hikes earlier this month. Petrol supplied via coastal distribution will now sell at ₦1,050 per litre, the refinery confirmed.

The refinery also lowered the price of diesel to ₦1,430 per litre, down ₦190 from the prior rate of ₦1,620 per litre. Under the revised structure, the gantry price of Premium Motor Spirit (PMS) fell from ₦1,175 to ₦1,075, while the coastal price decreased from ₦1,150 to ₦1,028 per litre.

Speaking to Channels Television, Dangote Group’s Chief Communications Officer, Anthony Chiejina, explained that the price adjustments reflect declines in global crude oil prices.

“As responsible corporate citizens operating in a high-governance code and ethical environment, we believe it is imperative to reduce the price of our products as a reflection of the decline in global crude oil prices,” the refinery stated. It noted that crude is priced based on international benchmarks plus a $3–$6 premium and converted to naira using prevailing market exchange rates, with no subsidies applied.

The reduction comes as crude oil prices dropped to $90 a barrel on Tuesday, the first decline since the recent conflict in the Middle East involving the United States, Iran, and Israel caused global price spikes. The refinery’s CEO, David Bird, had earlier noted that Dangote Refinery is tied to global benchmarks and not insulated from international oil shocks.

Despite the cut, oil marketers warn Nigerians to brace for continued high PMS prices, potentially reaching ₦1,500 per litre, as geopolitical tensions persist. Dr. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), emphasized that product availability remains a priority over pricing.

“The reality is that if you look at the volatility in the price from what we are seeing today, the Dangote Refinery is the salvation for us due to the consistent source of product, which is much more important at this time than anything. Availability of product is more critical than pricing,” he said, adding that the refinery’s supply helps maintain energy security despite potential price surges.

The refinery’s move is aimed at balancing consumer relief with operational sustainability, signaling responsiveness to both global oil market fluctuations and domestic energy needs.