DANGOTE CUTS PETROL PRICE TO ₦1,200: But Experts Warn Relief May Be Short-Lived

DANGOTE CUTS PETROL PRICE TO ₦1,200: But Experts Warn Relief May Be Short-Lived

Ex-gantry reduction follows US-Iran ceasefire; Brent crude drops 13%

Dangote Petroleum Refinery reduced its ex-gantry petrol price to ₦1,200 per litre this week, reversing a run of increases that had pushed prices above ₦1,275, as a conditional ceasefire in the Middle East dragged global crude prices sharply lower.

The refinery cut its price by ₦75 per litre, confirming the reduction was linked to a notable decline in global crude oil market conditions following announcements of a conditional two-week ceasefire between the United States and Iran.

Brent crude futures fell to $95.05 per barrel, a 13% decrease, while West Texas Intermediate dropped nearly 14% to $97.18, as fears of sustained Hormuz supply disruption eased.

The refinery also lowered its coastal price to ₦1,153 per litre, offering distributors in southern Nigeria a potentially cheaper marine supply option.

The cut is expected to pass through gradually to retail stations. Marketers sourcing directly from Dangote will adjust after clearing older, higher-priced stock.

However, industry analysts are cautioning that prices remain hostage to geopolitical developments. Any breakdown in ceasefire talks could push crude, and pump prices, back above ₦1,300 rapidly.