The Dangote Refinery has reduced petrol and diesel prices by ₦100 and ₦190 respectively, citing a sharp decline in global crude prices following initial spikes caused by the U.S.-Iran war.
The Dangote Petroleum Refinery implemented a significant price reduction on Tuesday, March 10, 2026, slashing the gantry price of petrol by ₦100 to ₦1,075 per litre following a dramatic cooling of global energy markets. This move, which marks the refinery’s first price cut after three successive weekly hikes, coincided with Brent crude prices retreating to approximately $90 per barrel a sharp reversal from Monday’s peak of nearly $120 triggered by the intensifying U.S.-Iran conflict. Refinery officials confirmed that petrol supplied via coastal channels will now sell for ₦1,050 per litre, while diesel prices were also lowered to ₦1,430 per litre at the gantry, providing a ₦190 reprieve for businesses.
Company representatives attributed the adjustment to the “dramatic reversal” in global crude volatility, noting that while the refinery remains sensitive to international benchmarks, the recent de-escalation signals allowed them to pass savings to consumers, emphasizing that “the move followed a slump in global oil prices, with Brent crude dropping to $89 per barrel from over $100 on Monday” and adding that “petrol supplied via coastal distribution channels will now sell for N1,050 per litre, reflecting a slight differential for marine logistics.”
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