Dangote Petroleum Refinery and Petrochemicals has reversed a fresh price hike and cut its petrol gantry price back to ₦1,200 per litre, bringing brief relief to motorists and marketers after an increase announced just days ago.
The adjustment represents a ₦75 drop from the previous ₦1,275 per litre, which had been introduced just days earlier in response to rising crude costs and supply concerns in the global market.
PromptNews reports that A senior refinery official told journalists that the price reversal reflects recent shifts in global crude benchmarks, saying: “The revision aligns with current international market trends. Recent geopolitical developments in the Middle East, including a conditional ceasefire announcement, have eased fears of supply disruption.”
Brent crude fell by 13.28 per cent to $94.76 per barrel, while US West Texas Intermediate crude dropped by 14.72 per cent to $96.31 per barrel — a slide that opened the door for the refinery to reverse the hike.
The hike the refinery is now walking back had raised petrol by ₦75 per litre to ₦1,275, while diesel had surged ₦200 per litre to ₦1,950 pushing it within striking distance of the ₦2,000 per litre mark.
Confirming the reversal, the refinery issued a statement noting that the coastal price stands at ₦1,153 per litre and reaffirming its commitment to sustaining a steady fuel supply across domestic and regional markets.
Businessday NG reports how Analysts note that while the Dangote Refinery has delivered on supply diversification, its pricing has remained tethered to international benchmarks, offering limited insulation from global crude market volatility meaning Nigerian consumers will continue to feel the effects of geopolitical events thousands of kilometres away.
