Price U-Turn: Dangote Refinery Reverses Increase, Cuts Petrol Cost Nigerians React

This represents a ₦75 reduction, after the refinery had previously increased the price to about ₦1,275 per litre due to rising global crude oil costs.

The latest adjustment is said to reflect recent shifts in the international oil market, particularly a notable drop in crude prices.

Recent data indicates that global crude benchmarks have declined, with Brent crude falling to $95.05 per barrel, a drop of about 13%, while West Texas Intermediate (WTI) slipped to $97.18 per barrel, reflecting nearly a 14% decrease.

Industry analysts attribute the decline in global oil prices to the announcement by United States President Donald Trump of a conditional two-week ceasefire with Iran, which helped ease market tensions.

The fall in crude prices has reduced pressure on refined petroleum products globally, influencing pricing decisions at the refinery level.

According to reports, Automotive Gas Oil (diesel) prices may also decrease, although this has not yet been officially confirmed. Retail fuel prices are expected to adjust in the coming days as the lower ex-depot price moves through the supply chain.

Market observers have described the development as a positive relief for motorists and transport operators, especially amid ongoing fluctuations in Nigeria’s downstream petroleum sector.