PETROL PRICE CRASH! Dangote Refinery Slashes PMS to ₦1,200 After Global Oil Drop

…₦75 Cut Sparks Relief as Crude Prices Plunge Amid Iran Ceasefire Talks

In a dramatic turnaround that could ease pressure on Nigerians, the Dangote Refinery has slashed the price of Premium Motor Spirit (PMS) to ₦1,200 per litre, reversing its recent increase.

The refinery cut its ex-gantry price by ₦75, bringing it down from about ₦1,275 per litre, a move that is already generating reactions across the downstream sector.

The latest adjustment comes just days after the refinery raised petrol prices, citing volatility in global oil markets.

However, the situation has shifted rapidly, forcing a downward review that analysts say reflects the sensitivity of local fuel pricing to international crude trends.

The price drop is directly linked to a sharp decline in global crude oil benchmarks: Brent crude fell to $95.05 per barrel (about 13% drop) and WTI crude dropped to $97.18 per barrel (nearly 14% decline).

Energy analysts say the sudden dip eased cost pressures on refiners, making the ₦75 reduction possible.

Market watchers attribute the crash in crude prices to a geopolitical development involving Donald Trump.

Reports indicate that Trump announced a conditional two-week ceasefire with Iran, a move that significantly reduced fears of immediate disruption to global oil supply.

The easing of tensions triggered a sell-off in oil markets, leading to lower prices worldwide.

The reduction is expected to: Slightly ease pump prices across the country, Reduce transportation and logistics costs, and Offer temporary relief to businesses and households.

However, industry players warn that fuel prices may remain unstable, as they continue to depend heavily on global oil dynamics.

Despite the price cut, experts caution that the situation remains fluid.

Any shift in global tensions or supply disruptions could push crude prices—and local petrol prices—back up again.