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By Adewale Sanyaolu
Dangote Petroleum Refinery says it has reduced the ex-depot prices of Premium Motor Spirit (PMS), also called petrol and Automotive Gas Oil (Diesel), to N1,165 from N1,215 and N1,570 from N1,650 per litre respectively, effective Thursday August 6.
Recall that Daily Sun had exclusively reported on Tuesday, that Nigerians may pay less for petrol over a sharp drop in global crude oil prices.
A statement by Dangote refunery added that, the reduction reaffirms its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
Under the new pricing structure, the drop represents a reduction of N50 per litre for petrol and N80 per litre for diesel.
According to the company, the price review reflects Dangote Refinery’s ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria. It stressed that, the refinery remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
“As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.”
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The fall in oil prices came on Monday after United States President Donald Trump signalled a shift from military action against Iran to renewed diplomatic talks, easing fears of a wider conflict in the Middle East. The development calmed global oil markets, where traders had been worried that fighting in the region could disrupt crude supplies.
Brent crude, the international benchmark used to price Nigerian oil, dropped by more than 4.8 per cent to around $83.70 per barrel, while the U.S. West Texas Intermediate (WTI) crude fell by over 5 per cent to about $79.60 per barrel. The decline marked one of the biggest single-day losses in recent months.
The price drop followed Trump’s announcement that he had suspended plans for a military strike on Iran and was instead pursuing a deal aimed at ending tensions over Tehran’s nuclear programme and reopening the strategic Strait of Hormuz.
In a message posted on his Truth Social platform, Trump said: “Iran and all other players have requested time to finalize a deal.”
The Strait of Hormuz is one of the world’s busiest oil shipping routes, with nearly a fifth of global crude exports passing through it. Any threat to shipping in the area usually pushes oil prices higher because traders fear supply shortages.
For weeks, uncertainty surrounding the conflict had driven oil prices sharply upward, raising the cost of petrol, diesel, aviation fuel and other refined products across many countries, including Nigeria.
Energy analysts say the latest decline in crude prices could eventually translate into lower fuel prices if the trend continues.
Nigeria now operates a deregulated downstream petroleum market, meaning petrol prices largely reflect global crude prices, exchange rates, shipping costs and local distribution expenses.
