The Dangote Petroleum Refinery has reduced its ex-gantry price of petrol to ₦1,075 per litre, marking a ₦100 decrease from the previous ₦1,175 per litre rate.
The company’s Chief Communications Officer, Anthony Chiejina, confirmed the development during a phone interview with Channels Television on Tuesday. He explained that petrol distributed through coastal supply channels will now sell at ₦1,050 per litre.
The refinery also announced a reduction in diesel prices. Diesel will now be sold at ₦1,430 per litre, representing a ₦190 drop from the earlier price of ₦1,620 per litre.
This adjustment marks the refinery’s first price cut after three consecutive increases that had significantly pushed up fuel costs in recent weeks. On Monday, the price of petrol was raised to ₦1,175 per litre, up from ₦995 per litre on March 7 and ₦874 per litre on March 2.
Earlier, the refinery’s Chief Executive Officer, David Bird, explained that the refinery remains exposed to fluctuations in the global oil market because it purchases crude oil at international benchmark prices.
The latest reduction comes as global crude oil prices dropped to about $90 per barrel, marking the first decline since the outbreak of the Israel–Iran–US Middle East conflict (2026). The tensions involving the United States, Iran, and Israel had earlier pushed oil prices higher, triggering increases in petrol prices in Nigeria.
As the conflict entered its second week, Donald Trump, President of the United States, claimed the military campaign was progressing faster than expected.
“I think the war is very complete, pretty much. They have no navy, no communications, and they’ve got no air force,” Trump told CBS News during a phone interview. He added that the conflict could end “very soon.”
Trump also warned that Iran could face an attack of “incalculable” scale if it attempts to block oil shipments through the Strait of Hormuz, a strategic waterway through which roughly one-fifth of the world’s oil supply passes.
Meanwhile, oil marketers have cautioned Nigerians to prepare for a possible further increase in petrol prices, potentially reaching ₦1,500 per litre, if the Middle East crisis persists.
Speaking on Petroleum Products Retail Outlets Owners Association of Nigeria’s position, its National President, Billy Gillis-Harry, said the availability of fuel remains more important than price stability at the moment.
“The Dangote Refinery is the salvation for us because it provides a consistent supply of products,” he said during an appearance on Channels Television’s The Morning Brief.
According to him, once logistics, distribution costs, and other charges are added to the gantry price, pump prices could rise significantly.
“₦1,500 per litre is not far-fetched,” he noted. “What matters most now is ensuring product availability and maintaining energy security.”
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