Dangote cuts petrol price back to N1,275 after brief increase

Dangote Refinery has reduced its petrol price back to N1,275 per litre, just hours after increasing it to N1,350.

A senior official at the refinery confirmed that the earlier price increase has been reversed.

According to the official, the quick change was due to a sudden drop in global crude oil prices.
On Wednesday morning, crude oil prices fell sharply.

Brent crude dropped to $101.7 per barrel, while West Texas Intermediate fell to $94.11 per barrel.

Despite the reduction at the depot level, many filling stations in Lagos are still selling petrol at higher prices, with some charging up to N1,400 per litre.

This is because changes in depot prices usually take time to reflect at retail stations.

This adjustment comes just a week after the refinery raised its price from N1,200 to N1,275 per litre. It is also the second increase of N75 within one week.

In recent weeks, Dangote Refinery has changed petrol prices several times. These changes are linked to factors such as global oil prices, foreign exchange rates, and local supply conditions.

The frequent price changes show that Nigeria’s fuel market is still adjusting, especially as local refining begins to replace fuel imports. However, prices are still affected by international market trends.

Although the depot price has dropped again, Nigerians may not see immediate relief, as fuel prices at filling stations remain high.