Dangote Refinery Slashes Petrol Price: N75 Drop Per Litre

By: Abudu Olalekan

Dangote refinery price cut, petrol price reduction, fuel costs Nigeria

Well, this is a nice surprise. Dangote Petroleum Refinery just dropped their ex-gantry petrol price to N1,200 per litre. That’s N75 less than what we were paying before.

Feels a bit like whiplash though, doesn’t it?

Just last week, prices kept climbing. We saw N1,175 on March 13. Then N1,245 by March 20. And by March 21? It had jumped again to N1,275. So yeah, this reversal caught alot of people off guard.

The refinery put out a statement Thursday explaining everything. They also cut their coastal price down to N1,153 per litre while they were at it.

Their reasoning? Global oil market drama. The Middle East tensions aren’t going anywhere, and that’s messing with supply chains and pricing worldwide. The company figures this price drop should ripple through the whole distribution network. Depots, retail outlets, the works.

Here’s the interesting part tho. Brent crude actually went up on Thursday, hitting $100.54 per barrel. So Dangote cutting prices while crude climbs? That’s something.

Earlier this week, oil had dipped to $96 per barrel after the US signaled they’d hold off on military strikes against Iran’s energy infrastructure. Markets responded fast.

And if your wondering why everyone’s so jumpy about supply? The International Energy Agency dropped a warning back on March 13. They said this conflict could trigger one of the biggest supply disruptions we’ve ever seen in global oil history.

No pressure or anything.