₦airaland Forum

Global oil price drop sparks fresh calls for Dangote Refinery petrol cost reduction

The recent drop in global crude oil prices on Tuesday has triggered fresh calls for the Dangote Refinery to reduce its petrol price, currently pegged at N1,245 per liter.

Crude prices fell below the $100 per barrel mark following reports that United States President Donald Trump sent a 15-point peace proposal to Iran aimed at easing tensions in the Middle East.

Both Brent crude and West Texas Intermediate (WTI) recorded declines of about five percent, dropping to $98 and $87 per barrel, respectively.

The price slump comes after nearly a month of escalating conflict involving Iran, the United States, and Israel, which had earlier driven crude prices from around $64 per barrel to a peak of about $115 before retreating.

Amid the earlier surge, the Dangote Refinery increased petrol prices for the fifth time in March 2026, citing global crude oil market trends.

The adjustment pushed pump prices nationwide to between N1,361 and N1,380 per liter.

However, with the recent decline in crude prices, stakeholders in the energy sector are urging the refinery to lower its petrol price in line with current market realities.

Energy experts, including Engr Eleojo Joseph and Dominic Ebere argued that the company should reflect the drop in crude prices just as it adjusted rates upward during the price surge.

twilliamx:
He has to make profit on the initial product he bought. If he bought high, he will sell high

twilliamx:
He has to make profit on the initial product he bought. If he bought high, he will sell high

yesloaded:
Hahaha
So if na u nko?


Very quick to increase price but slow to drop price

Cement is now 12k+ from 10k naira 3months ago

Breaker001:
I thought he was buying crude oil from Nigeria on a Naira/Crude arrangement. The crude he buys from NNPC is enough to supply the Nigerian market. Why should Nigerians suffer for whatever he buys from Saudi Arabia and UAE?

heykims:
He bought it high, he has to sell high until he restocks.

heykims:
He bought it high, he has to sell high until he restocks.

yesloaded:
Hahaha

Very quick to increase price but slow to drop price

Cement is now 12k+ from 10k naira 3months ago

Breaker001:
I thought he was buying crude oil from Nigeria on a Naira/Crude arrangement. The crude he buys from NNPC is enough to supply the Nigerian market. Why should Nigerians suffer for whatever he buys from Saudi Arabia and UAE?

yesloaded:
Hahaha

Very quick to increase price but slow to drop price

Cement is now 12k+ from 10k naira 3months ago

Metrofox:
they've reduced prices unexpectedly in the past as well

nairalanda1:
Remember that Dangote workers and staff are living under the same tinubu economy you live under, and he doesn't get help from government with salaries of staff, also manufacturing costs go up and the people selling him limestone or crude oil also live under the tinubu economy...and have to raise prices (limestone is used for cement). Also, diesel went up as well.

twilliamx:
He has to make profit on the initial product he bought. If he bought high, he will sell high

Basicend:
Dangote's dream has finally come true. At least temporarily.

If he is the only one in-charge of the pricing and supply of petrol, he will be able to maintain high prices for a long period of time.

If we have 2 or 3 other refineries in the country, price adjustments will be quickly dramatic and competitive.

It is well with Nigeria. Hmm.

yesloaded:
Not true

Check if the present stock he sold for high prices were bought at high prices

How about cement? What happened to 25% increment between December and march?

yesloaded:
when? What percentage?

Hahahaha