Global Oil Dip Triggers Price Cut: Aliko Dangote Reduces Oil Price to ₦1,075

BY UCHECHI OKPORIE

Africa’s largest refinery, the Dangote Refinery, has reduced the ex-gantry price of Premium Motor Spirit (petrol) to ₦1,075 per litre, following a decline in global crude oil prices to about $88 per barrel.

The price cut represents a ₦100 reduction from the previous rate of ₦1,175 per litre, offering potential relief to fuel marketers and consumers in Nigeria’s volatile energy market.

Industry observers say the adjustment reflects shifting global energy dynamics linked to the ongoing Middle East conflict involving the United States, Iran, and Israel, which has disrupted oil installations and trade routes in the region.

Earlier fears that the war could prolong supply disruptions had pushed crude prices above $100 per barrel, but prices later eased as hopes emerged that the conflict could de-escalate.

Energy analysts believe the refinery’s price reduction may eventually lead to lower pump prices at filling stations, although depot owners and retailers may take time to adjust due to logistics and distribution costs.

The development highlights the growing influence of Nigeria’s massive Dangote Refinery, which has the capacity to significantly shape fuel pricing and reduce the country’s reliance on imported petroleum products.