The Dangote Petroleum Refinery has dropped its wholesale petrol price to N1,200 per litre. This reversal comes just one day after the price was hiked to N1,275. The N75 reduction effectively cancels out Tuesday’s increase, bringing prices back to previous levels.
While petrol prices saw a cut, the cost of diesel (AGO) has climbed. The refinery raised diesel prices by N200, moving from N1,750 to N1,950 per litre.
Global Markets Drive the Change
These price shifts are a direct response to a sudden crash in international crude oil prices. Brent crude fell roughly 13% to $95.05 per barrel, while West Texas Intermediate (WTI) dropped to $97.18.
Easing Geopolitical Tensions
The drop in oil prices follows a breakthrough in global diplomacy. President Donald Trump announced a conditional two-week ceasefire involving Iran. This agreement has temporarily paused a six-week conflict that had triggered a global energy crisis.
As part of the deal, Iran has agreed to reopen the Strait of Hormuz for two weeks. This waterway is a critical chokepoint, handling about 20% of the world’s energy supply. This window of peace allows both nations time to negotiate a more permanent end to the conflict.
