Dangote Petroleum Refinery has cut the ex-petrol by ₦75, lowering it to ₦1,175 per litre.
The refinery attributed the move to the recent decline in global crude oil prices, triggered by eased geopolitical tensions in the Middle East particularly the U.S.-Iran ceasefire that reopened the Strait of Hormuz. Brent crude has now fallen back toward the $80 per barrel range after spiking above $120 earlier.
In an official circular issued to marketers, Dangote stated that the adjustment reflects improved conditions in the energy market, and any remaining unloaded volumes will be sold at the revised lower rate.
While the price cut offers some relief, many marketers have described it as inadequate. They point out that retail prices shot up sharply from around ₦830 to nearly ₦1,300 per litre during the recent oil crisis, but the reduction at the depot level has not matched the scale of that increase.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged its members to remain patient and avoid panic buying or hoarding. The group explained that most dealers are still selling petrol purchased at higher earlier costs, which restricts how quickly pump prices can fall.
Analysts anticipate that additional reductions could push retail prices toward ₦900 per litre if global crude remains subdued. However, higher-cost crude already held by the refinery could slow the pace of further cuts.
