Dangote Refinery Slashes Petrol Price to N1,200 as Global Crude Benchmarks Drop Following Middle East Truce

Dangote Refinery reduces petrol price to N1,200 per litre following a 13% drop in global crude oil prices amid a Trump-brokered Middle East ceasefire.

By: AXL Media

Published: Apr 8, 2026, 8:10 AM EDT

Source: Information for this report was sourced from Politics Nigeria

Strategic Price Reversal Amid Global Market Shifts

In a swift response to changing international oil dynamics, the Dangote Petroleum Refinery has adjusted its ex-gantry price for Premium Motor Spirit downward to N1,200 per litre. This move effectively cancels a recent N75 increase that had briefly pushed the price to N1,275 per litre. Refinery officials confirmed on Wednesday morning that the decision was a direct mechanical reaction to the sudden cooling of global crude benchmarks, demonstrating the facility's commitment to aligning domestic fuel costs with real-time international market realities.

Geopolitical De-escalation and the Trump-Iran Ceasefire

The primary catalyst for this price adjustment is a significant shift in Middle Eastern geopolitics. Market analysts pointed to a conditional two-week ceasefire arrangement announced by U.S. President Donald Trump regarding tensions with Iran. This diplomatic breakthrough, which includes a suspension of planned military actions in exchange for guaranteed safe passage through the Strait of Hormuz, has significantly eased fears of a major supply disruption. The resulting "peace dividend" has led to a rapid recalibration of energy prices across the globe.

Impact on Brent and West Texas Intermediate Benchmarks

The impact of the ceasefire on oil trading was immediate and substantial. Brent crude, the global benchmark, plummeted by over 13%, settling at approximately $94.76 per barrel. Simultaneously, the U.S. West Texas Intermediate crude saw a decline of nearly 15%, dropping to around $96.31 per barrel. Because the Dangote refinery’s pricing structure is intrinsically linked to these international crude costs, the drop in feedstock prices allowed the company to pass savings directly to Nigerian consumers and coastal distributors.