A fresh decline in global crude oil prices has intensified calls for the Dangote Refinery to reduce its petrol pump price, currently set at N1,245 per liter.
Oil prices slipped below the $100 per barrel benchmark on Tuesday after reports emerged that former U.S. President Donald Trump sent a 15-point peace proposal to Iran aimed at de-escalating tensions in the Middle East.
According to Nigerian Newssphere, both Brent crude and West Texas Intermediate (WTI) recorded declines of about five percent, settling at $98 and $87 per barrel, respectively.
The latest drop follows weeks of heightened geopolitical tensions involving Iran, the United States, and Israel, which had previously driven crude prices from around $64 per barrel to a peak of approximately $115 before easing.
During the earlier rally, the Dangote Refinery raised petrol prices multiple times in March 2026, citing the surge in global crude oil markets. The adjustments pushed pump prices across the country to between N1,361 and N1,380 per liter.
However, with crude prices now trending downward, stakeholders in Nigeria’s energy sector are urging the refinery to reflect current market realities by reducing fuel costs.
Energy experts, including Eleojo Joseph and Dominic Ebere, argued that a price reduction is necessary, noting that the refinery had previously increased rates in response to rising crude prices and should act similarly as prices decline.
