Dangote Petroleum Refinery has announced a reduction in its ex-gantry petrol price to N1,200 per litre. This marks a downward adjustment in its pricing structure.

The refinery also lowered its coastal price for petrol to N1,153 per litre. This development was disclosed in a statement issued on Thursday.

The price cut comes amid ongoing volatility in global oil markets, driven by geopolitical tensions in the Middle East. This adjustment represents a N75 reduction from the previous price of N1,275 per litre.

The refinery's statement underscored its responsiveness to market dynamics despite global uncertainties. The move is expected to influence fuel supply costs across distribution channels, including depots and retail outlets.

Global oil prices have remained volatile. Brent crude oil rose to $100.54 per barrel on Thursday, reflecting heightened tensions. Earlier, oil prices had dropped to $96 per barrel after the United States delayed potential military action against Iran.

The International Energy Agency has warned that the ongoing conflict could trigger the largest supply disruption in global oil market history. These developments continue to influence fuel pricing decisions by refiners and marketers.

The price reduction follows a series of upward adjustments earlier in March. Petrol had been increased from N1,175 per litre on March 13 to N1,245 per litre on March 20. The price was further raised to N1,275 per litre on March 21 before the latest reduction.

In Nigeria, the spike in global crude prices has translated into higher domestic fuel costs. Petrol, which sold for about N870 per litre before the escalation, now averages around N1,500 per litre in parts of the country.

The Dangote Refinery has repeatedly adjusted its petrol gantry prices in response to fluctuations in global crude markets. Across major filling stations nationwide, petrol prices have hovered around N1,350 per litre and above, contributing to rising transport costs and broader inflationary pressures.

With the latest reduction by the refinery, Nigerians expect a gradual easing of pump prices across filling stations. Meanwhile, the federal government has intensified efforts to scale up the rollout of Compressed Natural Gas (CNG) vehicle conversion kits as part of measures to reduce pressure on transportation costs.

Officials say recent developments highlight the strategic importance of strengthening domestic refining capacity. Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, stated that the crisis underscores why Gulf oil and gas producers should see Nigeria as a partner, rather than a rival, in efforts to diversify global energy supply during periods of disruption.