KEY POINTS

• Dangote Refinery denied reports of a fresh petrol and diesel price increase, maintaining PMS at N1,200/litre.
• Earlier claims suggested petrol would rise to N1,275 and diesel to N1,950, but the company dismissed the reports.
• Global oil prices fell after a US-Iran ceasefire and reopening of the Strait of Hormuz, easing market pressure.

Dangote Petroleum Refinery & Petrochemicals has dismissed reports claiming it recently increased the price of Premium Motor Spirit, stating that its current pricing structure remains intact despite concerns about possible volatility in the downstream petroleum market.

A source at the refinery confirmed that the gantry price of petrol remains at N1,200 per litre, while the coastal price is unchanged at N1,153 per litre. The source stressed that no new pricing has been introduced for customers.

According to the official, the refinery is focused on maintaining steady availability of refined petroleum products across Nigeria and the wider African market, as part of efforts to support supply stability and prevent disruptions

Earlier reports that surfaced on Tuesday alleged that the refinery had reviewed its pricing in response to prevailing international crude oil benchmarks and market realities. The reports, which quoted a senior official, suggested that petrol would rise by N75 per litre to N1,275, representing an increase of about 5.02 per cent.

Diesel was also reported to have increased by N200 per litre to N1,950. If implemented, the adjustment would have marked a significant jump from last month’s prices of N1,200 per litre for petrol and N1,750 per litre for diesel.

However, the refinery has now clarified that no such increase has been effected.

Middle East tensions, ceasefire influence global oil prices

The speculation around a possible price hike emerged amid rising geopolitical tensions in the Middle East, which have continued to impact global energy markets.

Oil prices later dropped after the United States and Iran agreed to a two-week ceasefire that will allow Tehran to temporarily reopen the strategic Strait of Hormuz, a major global oil transit route.

Following the development, U.S. crude futures fell by around 15 per cent to $96.31 per barrel, while Brent futures declined by about 13 per cent to $94.71 per barrel. Nigeria’s Bonny Light crude also dropped below $95 per barrel, reflecting the broader decline in global oil prices.

The refinery’s denial comes as stakeholders continue to monitor international oil market developments and their potential impact on domestic fuel pricing.