The recent decline in global crude oil prices has intensified calls for the Dangote Refinery to lower its petrol prices, currently set at N1,245 per liter.
On Tuesday, both Brent crude and West Texas Intermediate (WTI) fell sharply, dropping approximately five percent to $98 and $87 per barrel, respectively. This decline follows reports that United States President Donald Trump sent a 15-point peace proposal to Iran aimed at easing tensions in the Middle East. The move raised hopes of stability in a region that had recently experienced escalating conflict involving Iran, the U.S., and Israel.
Prior to this development, crude oil prices had surged over the past month, climbing from around $64 per barrel to a peak of about $115. During this period of rising costs, Dangote Refinery adjusted its petrol prices upward for the fifth time in March 2026, citing global market conditions. This adjustment pushed pump prices nationwide to between N1,361 and N1,380 per liter, sparking public concern and criticism over rising fuel costs.
With the recent slump in crude prices, energy sector stakeholders are urging Dangote Refinery to revisit its pricing strategy and align domestic petrol costs with the current market reality. Industry experts argue that just as the refinery reflected global price surges in its adjustments, it should also transmit price reductions to consumers.
Energy analysts, including Engr Eleojo Joseph and Dominic Ebere, emphasized that maintaining high petrol prices despite falling global crude rates could undermine consumer confidence and affect economic stability. They highlighted the importance of transparent and responsive pricing policies that consider both international trends and domestic affordability.
The calls for reduction come amid growing public scrutiny over fuel pricing and its impact on the cost of living. Many Nigerians have expressed frustration with persistent high fuel prices, which affect transportation, goods, and services across the country.
As global crude prices stabilize below the $100 per barrel mark, the expectation is that Dangote Refinery will adjust its petrol pricing to mirror these changes, providing relief for consumers and reinforcing confidence in the nation’s energy sector. Stakeholders continue to monitor developments closely, urging timely action from the refinery to reflect the new realities of the international oil market.
