Dangote Refinery slashes petrol price by N100 following global oil dip

The Dangote Petroleum Refinery has reduced its ex-gantry petrol price to N1,075 per litre, marking its first price cut after three consecutive hikes had driven costs significantly higher in recent weeks.

According to the refinery’s latest pricing template released on Tuesday, the reduction represents a N100 drop from the previous rate of N1,175 per litre.

The refinery also announced that petrol supplied through coastal distribution will now sell for N1,050 per litre.

Diesel prices have also been revised downward, falling to N1,430 per litre—a N190 decrease from the prior price of N1,620 per litre—offering further relief to consumers and businesses reliant on the fuel.

The company noted that the quoted gantry prices exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

Tuesday’s reduction follows a period of sharp upward adjustments. On Monday, the refinery had raised petrol prices to N1,175 per litre, up from N995 per litre on March 7 and N874 per litre on March 2—increases attributed to a surge in global crude oil prices triggered by ongoing conflict involving the United States, Iran, and Israel.

The price cut on Tuesday coincided with a notable easing in global oil markets, as crude oil prices dropped to $90 per barrel—the first decline since the Middle East war began—providing the refinery with room to pass savings on to consumers.

The development aligns with remarks made by the refinery’s Chief Executive Officer, David Bird, who said on March 9 that Dangote refinery was not insulated from global oil price shocks, given that it sources its crude on international benchmarks.

His comments signalled that price movements at the refinery would continue to mirror developments in the global energy market.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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