The Dangote Petroleum Refinery has reversed its recent petrol price increase, following a sharp drop in global crude oil prices.
According to reports, the refinery reduced the ex-depot (gantry) price of petrol to ₦1,200 per litre, down from about ₦1,275 per litre—a ₦75 decrease.
- The earlier price hike was triggered by rising global crude oil prices
- However, crude prices later fell significantly (around 13–14%) due to easing geopolitical tensions
- This forced a quick price adjustment downward to reflect market realities
Even with local refining, fuel prices in Nigeria remain highly sensitive to international crude oil fluctuations, meaning:
- Prices can rise or fall suddenly
- External events (like conflicts or ceasefires) directly affect local fuel costs
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