Dangote Petroleum Refinery has reduced its petrol gantry price to ₦1,250 per litre from ₦1,275 per litre, in a move that had been widely anticipated by traders across Nigeria’s downstream market. A refinery source confirmed the new pricing to Petroleumprice.ng.
The adjustment, confirmed late Friday, aligns with expectations that had built across the downstream market, where traders had largely held back purchases in anticipation of a fresh price review from the refinery.
The new pricing is expected to trigger immediate reactions across private depots and marketing channels, especially after days of cautious trading activity driven by expectations of a downward adjustment.
Market checks by Petroleumprice.ng shows that depot prices were already responding to shifting supply dynamics. Aiteo and Nipco were selling at ₦1,272 per litre, while Integrated, Ascon and African Terminal traded around ₦1,274 per litre, trading below Dangote’s previous Gantry price of ₦1275 per litre.
The reduction comes against the backdrop of softer global crude oil prices. As of the time of writing 06:14 a.m. (WAT), Brent crude traded at $91.12 per barrel, down 1.70 per cent, while US West Texas Intermediate crude stood at $87.36 per barrel, reflecting a 1.73 per cent decline.
The fall in international oil prices has strengthened market expectations for lower refined product pricing, with many marketers choosing to delay purchases through the week rather than buy at higher rates.
Industry players believe the latest cut could reshape depot pricing patterns over the coming days and potentially ease pressure on downstream supply costs if sustained.
The move further reinforces Dangote Refinery’s growing influence in Nigeria’s petroleum market, where its pricing decisions increasingly dictate trader behaviour, depot movements and short-term product supply dynamics.