By Ene Rebecca
April 9, 2026
The Dangote Petroleum Refinery has reversed a recent increase in the price of Premium Motor Spirit (petrol), reducing its gantry price following a decline in global crude oil prices.
The adjustment comes shortly after the refinery had raised the price of petrol in response to rising crude oil costs driven by heightened geopolitical tensions in the international market. However, with crude oil prices easing, the refinery moved to lower its price accordingly, reflecting the changes in the global energy market.
Industry sources indicated that the refinery reduced its petrol price back to approximately ₦1,200 per litre after it had earlier increased to around ₦1,275 per litre. The price revision underscores the refinery’s responsiveness to fluctuations in crude oil prices, which directly influence the cost of refined petroleum products.
Market analysts noted that the earlier increase in petrol prices was linked to concerns over supply disruptions amid tensions in major oil-producing regions. However, a subsequent drop in crude oil prices following signs of easing tensions prompted the refinery to adjust its pricing downward.
The development highlights the growing impact of global oil market dynamics on domestic fuel pricing, particularly as Nigeria increasingly relies on local refining capacity. It also reflects a shift toward market-driven pricing mechanisms in the downstream petroleum sector.
The price adjustment is expected to have implications for fuel distribution and retail pricing across the country, although it remains unclear how quickly the reduction will be reflected at filling stations.
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