Dangote Petroleum Refinery has announced a fresh reduction in the ex-depot prices of petrol and diesel after global crude oil prices dropped sharply below $80 per barrel.
Under the revised pricing, the refinery cut the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, by ₦50 per litre, bringing it down from ₦1,215 to ₦1,165. The price of Automotive Gas Oil (diesel) was also reduced by ₦80 per litre, falling from ₦1,650 to ₦1,570.
The price adjustment comes as Brent crude, the international oil benchmark, declined by nearly five per cent on Tuesday. The drop followed renewed optimism that the United States and Iran could reach an agreement to reopen the Strait of Hormuz, a major global oil shipping route.
According to reports, discussions between the two countries have made progress, raising hopes that commercial vessels may soon resume normal passage through the strategic waterway. A senior Gulf official reportedly estimated a 50 per cent chance of an agreement being reached before the end of the week.
In a statement, Dangote Refinery said the latest price reduction reflects its commitment to making petroleum products more affordable while supporting businesses and economic activities across Nigeria.
The company noted that it remains focused on supplying high-quality refined products at competitive prices, adding that it will continue to pass on the benefits of improved operational efficiency to consumers whenever market conditions allow.
Dangote also said the refinery continues to strengthen Nigeria’s energy security by reducing dependence on imported petroleum products and increasing local refining capacity.
With the new ex-depot rates, retail petrol prices across the country are expected to range between ₦1,200 and ₦1,250 per litre, depending on transportation costs, location and other logistics.
Meanwhile, negotiations over the Strait of Hormuz continue to advance. Iranian Foreign Ministry spokesperson Esmaeil Baghaei said Iran and Oman have agreed on the geographical coordinates for a proposed safe shipping route through the waterway.
He explained that discussions over the past two months have covered legal, security, environmental and technical issues, adding that both countries are finalising a joint statement outlining the key areas of agreement.
Baghaei expressed optimism that the process would be concluded soon, provided there is no interference from external parties.