Dangote Refinery Cuts Petrol Benchmark Price by N25 as Global Crude Rates Eases
Dangote Petroleum Refinery reduced its ex-gantry price for Premium Motor Spirit by N25, lowering the benchmark from N1,350 to N1,325 per litre.
In Brief
- •Dangote Petroleum Refinery reduced its ex-gantry price for Premium Motor Spirit by N25, lowering the benchmark from N1,350 to N1,325 per litre.
- •The adjustment follows an N85 price increase implemented on September 12, which had raised the cost from N1,265 to N1,350 per litre.
- •The price cut coincided with a retreat in international crude prices, with Brent crude dropping 3.34% to $100.40 per barrel and WTI falling 3.83% to $92.40.
- •Coastal depot prices in Warri, Port Harcourt, and Calabar aligned closely with the new price, trading between N1,327 and N1,330 per litre.
Why It Matters
The price reduction demonstrates the sensitivity of Nigeria's domestic refined fuel market to international crude oil benchmarks. Lower international crude prices, spurred by potential diplomatic talks between the United States and Iran, reduced input pressures for the domestic refining giant. Furthermore, the movement demonstrates Dangote Refinery's role as a price-setter in Nigeria's downstream market. Wholesale coastal depots rapidly adjusted their quotes within N2 to N5 of the refinery's new N1,325 benchmark, narrowing the pricing gap across key regional distribution hubs.
Key Details
- New Ex-Gantry Petrol Price
- N1,325 per litre
- Price Reduction Amount
- N25 per litre
- Previous Price Hike (Sept 12)
- N85 increase (N1,265 to N1,350 per litre)
- Brent Crude Price
- $100.40 per barrel (-3.34%)
- West Texas Intermediate (WTI) Price
- $92.40 per barrel (-3.83%)
- Coastal Depot Rates (Warri/Port Harcourt)
- N1,330 per litre
Context & Background
Dangote Petroleum Refinery operates Nigeria's dominant domestic refining infrastructure, heavily influencing wholesale petrol distribution costs across coastal depots and retail outlets following the deregulation of the nation's downstream petroleum sector.
Original Reporting & Sources
VNews is an independent briefing product. Original reporting remains credited to the following publishers:
This brief was synthesized automatically using attributed third-party reporting. VNews is a digital news publication produced under the VContent Group brand and operated by Francis Vincent Sunday in Ghana, independent from the publishers cited above. Read our AI Transparency Policy and Editorial & Corrections Policy.