….As Dangote Refinery Denies Petrol Price Increase
By Kingsley Andrew
Nigeria’s Bonny Light crude price dropped by 16 per cent to $99 per barrel in the international market on Wednesday, following comments by former US President Donald Trump suggesting that the conflict between the United States and Iran could soon come to an end.
The sharp decline represents the lowest price level recorded in the past three weeks, after Bonny Light had traded between $110 and $120 per barrel during the peak of tensions between the two countries.
Other benchmark crude grades also recorded significant losses. Brent crude declined by 10 per cent to $98 per barrel, while West Texas Intermediate (WTI) dropped by more than 12 per cent to $89 per barrel amid reports that both nations had initiated discussions on a memorandum aimed at ending hostilities.
Despite the market optimism, an oil industry analyst who spoke on condition of anonymity warned that the crisis may not be resolved quickly, citing the collapse of previous diplomatic efforts.
“The instability in the global market will continue to impact downstream petroleum markets in many countries, including Nigeria,” the analyst said.
Meanwhile, Dangote Refinery has dismissed reports claiming it increased the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol.
Earlier reports had suggested that the refinery raised its ex-depot price from ₦1,275 per litre to ₦1,350 per litre, representing a six per cent increase amid volatility in the global oil market triggered by the prolonged US-Iran crisis.
A source in the downstream sector had claimed that marketers were expected to adjust pump prices upward in response to the alleged increase.
“The refinery’s pricing template has already been adjusted, and all stakeholders are expected to comply. In the coming days, oil marketers are likely to raise pump prices, meaning consumers will pay more,” the source had said.
However, in an official statement, the refinery denied increasing its ex-depot price, insisting that the current pricing structure remains unchanged.
The company said sustaining existing prices reflects its commitment to maintaining stability in Nigeria’s domestic energy market despite rising global uncertainties.
According to the refinery, the decision is aimed at cushioning the economy against external shocks, moderating inflationary pressures and ensuring energy affordability for consumers.
It added that maintaining price stability would also support uninterrupted fuel supply and align with broader national goals of energy security and market stability.
“Dangote Refinery reaffirms its dedication to the steady supply of high-quality petroleum products to the Nigerian market,” the statement said.
The company further advised the public to rely only on its official communication channels for accurate information regarding its operations and pricing structure.
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