Dangote refinery slashes petrol price to N1,200 amid global oil uncertainty

• The Dangote Petroleum Refinery and Petrochemicals has reduced the petrol gantry price to N1,200 per litre
• The coastal price also adjusted downward to N1,153 per litre representing a N75 decrease from the previous N1,275 rate
• The move comes amid global oil market volatility linked to the Middle East tensions

Dangote Petroleum Refinery and Petrochemicals has reduced its gantry price for premium motor spirit (PMS), commonly known as petrol, to N1,200 per litre, signaling a potential shift in Nigeria’s fuel pricing landscape.

The announcement was made in a statement issued on Friday, March 27, by the Dangote Group spokesperson, Anthony Chiejina, who also revealed that the refinery has set its coastal price at N1,153 per litre.

The adjustment is expected to influence fuel supply costs across Nigeria’s downstream distribution chain.

According to Chiejina, the latest move reflects a downward revision of the refinery’s pricing framework at a time when global oil markets remain volatile due to geopolitical tensions in the Middle East.

“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets.

“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets,” Chiejina stated.

The new price represents a N75 reduction from the previous N1,275 per litre rate. This follows a recent increase that saw petrol prices rise from N1,175 to N1,245 per litre.

Chiejina noted that the revised pricing could have a ripple effect across the downstream sector, potentially easing supply costs for marketers and impacting pump prices nationwide.

He said, “price adjustment represents a downward review in the refinery’s ex-depot pricing and is expected to ripple across Nigeria’s downstream sector, potentially easing supply costs for marketers and influencing pump prices at retail outlets.”

He added that, “lower ex-depot prices typically translate into reduced pump prices.”

However, he also highlighted ongoing concerns about global market instability.

“The Middle East crisis has introduced renewed uncertainty into global oil markets, affecting shipping routes, insurance premiums, and supply chains.

“For Nigeria, the presence of large-scale local refining capacity is increasingly seen as a stabilising factor, offering some insulation from external shocks even as global market pressures persist,” he added.

With the revised N1,200 per litre gantry price, marketers are expected to reassess their landing costs, particularly those sourcing products locally instead of relying on imports.

Meanwhile, the coastal price of N1,153 per litre is likely to influence marine deliveries to depots along Nigeria’s southern corridors, offering distributors an alternative supply channel.