Dangote Petroleum Refinery has announced a reduction in its gantry price of Premium Motor Spirit (petrol) from ₦1,275 to ₦1,200 per litre, reflecting a ₦75 cut.
The refinery also adjusted its coastal price to ₦1,153 per litre.
This downward adjustment comes despite heightened geopolitical tensions in the Middle East that have disrupted global crude oil supply, pushing oil prices above $100 per barrel.
The price reduction, confirmed by Dangote Group spokesperson Anthony Chiejina, is expected to influence fuel supply costs across distribution channels, including depots and retail outlets nationwide.
Recent Price Volatility
The new N1,200 per litre rate follows a period of significant price volatility. Earlier in March, the refinery had increased its gantry price from ₦774 to ₦875 and from ₦995 to ₦1,075. Subsequently, the refinery raised the gantry price to ₦1,175, ₦1,245 and to ₦1,275 per litre last week, as global crude prices surged above $100 per barrel amid escalating Iran-US-Israel tensions.
READ ALSO:
- Dangote Refinery Hikes Petrol to ₦1,175/Litre, Diesel ₦1,620/Litre at Gantry
- Middle East War: Why Nigeria Should have Strategic Petroleum Reserves
- Dangote Refinery Further Raises Petrol, Diesel Prices as Crude Rises above $110
- Naira-for-Crude Deal: Dangote Refinery Alleges 70% Shortfall in Domestic Supply
Retail pump prices had subsequently risen to between ₦1,200 and ₦1,350 per litre in several locations before this latest reduction. The ₦1,200 gantry price now set by Dangote Refinery is expected to provide relief across the downstream distribution chain.
Marketers Expected to Adjust Pricing
With the new ₦1,200 per litre gantry price, marketers are expected to recalibrate their landing costs, particularly those sourcing locally instead of relying on imports. The coastal price of ₦1,153 per litre is also expected to affect marine deliveries to coastal depots, providing an alternative supply route for distributors operating in southern corridors.
Industry analysts note that the price adjustment reflects Dangote Refinery’s growing influence over Nigeria’s fuel market, as domestic refining capacity continues to reshape the country’s downstream petroleum sector amid ongoing global uncertainties.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
