The Dangote Group has announced a reduction in petrol and diesel prices at its refinery. Anthony Chiejina, Chief Communications Officer of the group, told Channels Television that petrol supplied via coastal distribution will now sell for ₦1,050 per litre. Diesel prices have also been lowered to ₦1,430 per litre, down from ₦1,620 per litre.
The refinery stated that under the revised pricing, gantry petrol prices have dropped from ₦1,175 to ₦1,075 per litre, while coastal prices have fallen from ₦1,150 to ₦1,028 per litre. Diesel prices saw a ₦190 reduction. The adjustments reflect current global crude oil prices.
“As responsible corporate citizens, we believe it is essential to adjust our product prices in line with declining global crude costs,” the refinery explained. It noted that crude is priced based on international benchmarks with an added premium of $3 to $6 and converted to naira at the prevailing market exchange rate, without subsidy.
This is the first price reduction after three consecutive increases in March, which had raised petrol from ₦874 per litre on March 2 to ₦995 per litre on March 7 and then ₦1,175 per litre on Monday.
The price drop coincides with a decline in global crude oil prices to $90 per barrel on Tuesday, following recent conflicts in the Middle East involving the United States, Iran, and Israel, which had previously driven prices upward.
US President Donald Trump recently said the military campaign in the region was “very far ahead” of schedule and warned of stronger action if Iran obstructs oil supply through the Strait of Hormuz, which handles a fifth of global oil exports.
Meanwhile, oil marketers in Nigeria have warned that petrol prices could continue to rise to about ₦1,500 per litre if the US-Iran-Israel tensions persist. Dr. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), emphasized that the consistent availability of fuel from Dangote Refinery is more crucial than price at the moment.
He noted that the refinery provides a reliable supply amid market volatility, which is essential for businesses and national energy security. While prices may increase due to logistics and other factors, the priority remains maintaining a steady supply of fuel for Nigerians.
