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Petrol Price Finally Drops Nationwide; New Rates Emerge

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Petrol Prices Set to Drop as Dangote Refinery Cuts Ex-Depot Rate

Fuel prices in Nigeria are anticipated to decrease due to a recent decision by the Dangote Petroleum Refinery to reduce the ex-depot price of Premium Motor Spirit (PMS), widely known as petrol.

The refinery has lowered its gantry loading price by ₦50 per litre, bringing the new rate down from ₦1,175 per litre to ₦1,125 per litre.

Additionally, a notice sent to customers and fuel marketers reveals a reduction in the coastal supply price, which has fallen from ₦1,495,215 per metric ton to ₦1,428,165 per metric ton.

The management of the refinery has linked this price reduction to the easing of geopolitical tensions in the Middle East, leading to a notable decline in global energy prices.

Before this, international oil prices had surged dramatically due to direct hostilities involving the United States, Israel, and Iran, which severely threatened critical shipping lanes and forced the temporary closure of the Strait of Hormuz—a vital marine waterway that controls roughly one-fifth of the entire global oil supply.

Following the de-escalation of the conflict, global oil benchmarks have retreated sharply, falling back to levels last recorded before the outbreak of the US-Iran hostilities.

Recent market checks show that the international oil benchmark, Brent crude, has dropped down to $73.14 per barrel, while the United States variant, West Texas Intermediate (WTI), fell to $69.85 per barrel.

Before the conflict disrupted the global energy supply chains, a litre of petrol was sold at local retail stations across Nigeria for between ₦770 and ₦800.