The recent decline in global crude oil prices has intensified calls for the Dangote Refinery to reduce its petrol price, currently set at N1,245 per litre.
Crude prices fell below the $100-per-barrel mark on Tuesday, following reports that former United States President Donald Trump sent a 15-point peace proposal to Iran aimed at easing tensions in the Middle East. Brent crude and West Texas Intermediate (WTI) fell about five percent, trading at $98 and $87 per barrel, respectively.
The slump follows nearly a month of heightened geopolitical tensions involving Iran, the US, and Israel, which had previously pushed crude prices from around $64 per barrel to a peak of about $115 before retreating.
During the earlier surge, Dangote Refinery raised petrol prices for the fifth time in March 2026, citing global market trends. The adjustment increased pump prices nationwide to between N1,361 and N1,380 per litre.
Energy stakeholders are now urging the refinery to adjust petrol prices downward in line with the recent fall in crude prices.
Experts including Engr. Eleojo Joseph and Dominic Ebere argued that the company should reflect the current market drop, just as it increased rates during the previous price spike.
They noted that aligning domestic petrol prices with global crude trends is essential for fairness to consumers and the stability of the energy market in Nigeria.
