Nigeria: Dangote reduces petrol price amidst Middle East war

By Zuleihat Owuiye, Mamos Nigeria

The Dangote Petroleum Refinery has reduced its ex-gantry petrol price by ₦100 per litre to ₦1,075, following a drop in crude oil prices to $88 per barrel from $110 per barrel. The refinery also announced that petrol supplied through coastal distribution will now sell at ₦1,050 per litre.

This reduction is a result of US President Donald Trump’s declaration that the war with Iran “would end soon”, driving down fears of extended disruptions to global oil supply. However, Iranian authorities have ruled out talks with the US government, vowing to continue missile attacks on its neighbours ¹.

The price of diesel has also been revised downward to ₦1,430 per litre, a ₦190 reduction from the previous price of ₦1,620 per litre. Despite this reduction, petrol retail outlets in Abuja have retained their high pump prices, with some selling at ₦1,330 per litre.

Experts predict that the domestic market will continue to respond to developments in the global market, and prices may remain unstable until the end of the US-Iran conflict.