- Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, effectively cancelling a planned N75 increase.
- The downward adjustment is a direct response to a sharp drop in international crude oil prices, which saw Brent crude fall by over 13% following President Donald Trump’s announcement of a two-week ceasefire involving Iran and the United States.
- Refinery officials confirmed that while diesel prices had previously seen an uptick, the current reversal on petrol reflects a commitment to aligning domestic fuel costs with prevailing global market realities and ensuring a steady supply for Nigerians.
Early on Wednesday, April 8, 2026, Dangote refinery confirmed it had reversed an earlier decision to hike petrol prices to N1,275 per litre.
Eko Hot Blog reports that instead, the facility has settled on a N1,200 per litre gantry price, while the coastal price has been pegged at N1,153 per litre.
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This pivot highlights the refinery’s responsiveness to international crude benchmarks, which have experienced dramatic shifts in the last 24 hours.
The primary catalyst for this price reduction was the sudden de-escalation of tensions in the Middle East.
Global oil markets reacted sharply to news that United States President Donald Trump had brokered a conditional two-week ceasefire with Iran.
This diplomatic breakthrough eased fears of a major supply disruption in the Strait of Hormuz, causing Brent crude to plunge from its recent highs to approximately $94.76 per barrel.
A refinery official, speaking on the condition of anonymity, noted that the facility’s pricing structure is now intrinsically linked to these external market forces, marking a new era of transparency and market-driven costs in Nigeria’s downstream sector.
This development comes as a welcome relief to Nigerian consumers and businesses who have been grappling with the impact of recent fuel price fluctuations.
The Dangote refinery, which has become a cornerstone of the nation’s energy security since it began operations in late 2024, emphasized in an official statement that its pricing remains intact to support domestic and regional markets.
By maintaining a lower price point during this period of global de-escalation, the refinery aims to provide a sense of stability in a market that has been characterized by uncertainty and foreign exchange challenges.
As the two-week ceasefire window begins, all eyes remain on the international stage to see if the de-escalation holds.
For Nigeria, the refinery’s latest move underscores the successful integration of its fuel pricing with global trends following the deregulation of the sector.
The facility continues to work closely with the Nigerian National Petroleum Company (NNPC) to ensure that the benefits of lower crude costs are passed down the value chain, further cementing its role as a dominant and stabilizing force in the West African energy market.
