By Abubakar Yunusa
The Dangote Petroleum Refinery has reduced its petrol gantry price to ₦1,200 per litre, following a drop in global crude oil prices amid easing tensions in the Middle East.
The latest adjustment reverses a series of increases recorded in March, when prices surged to between ₦1,245 and ₦1,275 per litre. The hikes were driven by the Iran-United States-Israel conflict, which rattled global oil markets.
The refinery had raised prices five times within one month during the crisis.
Before the escalation, petrol from the facility sold for below ₦1,000 per litre, reflecting relatively stable international oil prices.
Confirming the development, the Dangote Group spokesman, Anthony Chiejina, said the reduction was due to a downward review of the refinery’s pricing structure.
“Dangote Petroleum Refinery has reduced its gantry price for petrol to ₦1,200 per litre,” he stated.
The conflict had triggered one of the most significant oil supply disruptions in recent years. Crude oil prices climbed above $100 per barrel and, at some points, approached $150 for traded cargoes.
This sharp rise pushed petrol prices across Nigeria to record levels.
In Lagos, pump prices climbed to about ₦1,300 per litre, with higher rates recorded in locations farther from the port city.
At the peak of the crisis, Nigeria recorded the second-highest fuel price increase globally, as industry data showed pump prices surged by over 50 per cent.
Prices have since remained volatile, reflecting ongoing shifts in global oil dynamics and local market conditions.
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