As global crude oil prices fell on Tuesday, new demands arose for a reduction of the Dangote Refinery’s petrol price, which is currently set at N1,245 per liter.
Following reports that U.S. President Donald Trump sent Iran a 15-point peace proposal to reduce Middle Eastern tensions, crude prices dropped below the $100-per-barrel threshold.
Brent crude and West Texas Intermediate (WTI) both saw declines of approximately five percent, with prices falling to $98 and $87 per barrel, respectively.
The price drop followed almost a month of intensifying conflict involving Iran, the United States, and Israel, which had previously caused crude prices to rise from approximately $64 per barrel to a peak of about $115 before falling back.
The Dangote Refinery raised petrol prices for the fifth time in March 2026, referencing trends in the global crude oil market amid the previous surge.
As a result of the adjustment, the price of fuel nationwide reached between N1,361 and N1,380 per liter.
Nonetheless, given the recent drop in crude prices, energy sector stakeholders are calling on the refinery to reduce its petrol price to align with current market conditions.
Energy experts, among them Engr Eleojo Joseph and Dominic Ebere, contended that the company ought to mirror the decrease in crude prices, just as it had raised rates during the price surge.
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