DANGOTE REFINERY CUTS PETROL PRICE AMID GLOBAL OIL TURBULENCE
Nigeria’s Dangote Petroleum Refinery has reduced its petrol pricing, cutting its gantry price to ₦1,200 per litre and coastal price to ₦1,153 per litre, in a move expected to influence fuel costs nationwide.
The refinery disclosed the adjustment in a statement on Thursday night, signaling a downward shift in its pricing structure amid ongoing global oil market volatility.
The decision comes as tensions involving the United States and Israel on one side, and Iran on the other, continue to disrupt crude oil shipments from the Gulf region.
This crisis has pushed global crude prices above $100 per barrel.Before the escalation, petrol sold for about ₦870 per litre, but prices have surged to around ₦1,500 per litre in parts of Nigeria, worsening transport costs and inflation.Despite the global pressure, Dangote Refinery’s latest price cut is raising hopes for a gradual reduction in pump prices across filling stations, where fuel has been selling for ₦1,350 per litre and above.
Meanwhile, the Nigerian government is accelerating the rollout of Compressed Natural Gas (CNG) conversion kits to reduce dependence on petrol and ease transportation costs.Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, noted that the crisis highlights the importance of strengthening local refining capacity and positioning Nigeria as a key partner in global energy supply diversification.
