The Dangote Petroleum Refinery & Petrochemicals has reversed its recent increase in the ex-gantry price of Premium Motor Spirit (PMS), cutting the rate to ₦1,200 per litre (US$0.87/litre) after a sharp decline in global crude oil prices eased pressure on refined fuel costs.
The latest adjustment marks a ₦75 reduction (about US$0.05) from the refinery’s earlier price of about ₦1,275 per litre (US$0.92/litre), which had been introduced in response to rising international oil prices and concerns over possible supply disruptions linked to geopolitical tensions in the Middle East.
A senior refinery official had earlier confirmed the upward adjustment, saying the pricing decision reflected prevailing global crude benchmarks and broader market conditions.
According to the official, the refinery had reviewed the price of petrol upward by ₦75 (about 5 cents), representing about a 5 per cent increase, while diesel had risen more sharply by ₦200 (about US$0.14) to ₦1,950 per litre (US$1.41/litre), as global energy markets reacted to heightened tensions involving Iran, the United States and Israel.
However, by Wednesday morning, the same official said the refinery had reversed the increase after crude prices fell significantly on signs of a possible easing of tensions in the Middle East.
The official said the decision followed a drop in oil benchmarks after former U.S. President Donald Trump announced a conditional two-week ceasefire arrangement with Iran, helping to calm fears over disruptions to global oil supply routes, particularly through the Strait of Hormuz.
As market sentiment improved, Brent crude reportedly dropped 13.28 per cent to $94.76 per barrel on Wednesday, while U.S. West Texas Intermediate (WTI) fell 14.72 per cent to US$96.31 per barrel.
The decline in crude prices immediately softened pressure on domestic fuel pricing, prompting Dangote Refinery to walk back its earlier increase.
“Yes, the price has been reversed. This follows the current price of crude oil,” the official said in a telephone interview.
In a statement, the refinery also moved to dispel speculation that it had introduced a fresh fuel price increase, insisting that its pricing had instead been adjusted downward in line with market realities.
A company source confirmed that the refinery’s gantry price remains ₦1,200 per litre ($0.87/litre), while its coastal price stands at ₦1,153 per litre (US$0.84/litre).
“We are maintaining our existing price and have not implemented any new pricing for our customers,” the statement said.
The refinery added that it remains committed to ensuring stable supply to both the domestic and regional markets despite persistent volatility in the global energy market.
The latest price reversal comes at a time when Nigeria’s downstream petroleum sector remains highly sensitive to swings in international oil prices, foreign exchange pressures, and shifting supply dynamics.
