The Dangote Petroleum Refinery & Petrochemicals has slashed the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, reversing its earlier increase amid a sharp drop in global crude oil prices triggered by geopolitical developments. You are aware of the ongoing tensions in the Middle East and how they have impacted crude oil prices. Brent crude price fell by 13.28 per cent to $94.76 per barrel on Wednesday amid easing geopolitical tensions involving Iran, the United States, and Israel. This follows the current price of crude oil,” he added in a telephone interview. The latest development comes as Nigeria’s downstream petroleum sector continues to grapple with volatility driven by global oil market swings, foreign exchange fluctuations, and supply chain dynamics.

Source: Punch April 09, 2026 08:11 UTC