Quick Summary:
Crude oil prices drop below $100 per barrel, experts call on Dangote Refinery to reduce petrol price from N1,245 per liter.
The recent drop in global crude oil prices has sparked renewed calls for the Dangote Refinery to reduce petrol prices, currently pegged at N1,245 per liter.
On Tuesday, both Brent crude and West Texas Intermediate (WTI) recorded declines of about five percent, falling to $98 and $87 per barrel, respectively.
The decline followed reports that U.S. President Donald Trump had sent a 15-point peace proposal to Iran, aimed at easing tensions in the Middle East.
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 $115 before retreating.
Calls for Price Adjustment
Amid the earlier surge, the Dangote Refinery had increased petrol prices five times in March 2026, citing global market volatility. The adjustment pushed pump prices nationwide to between N1,361 and N1,380 per liter.
However, with the latest decline in crude prices, stakeholders in the energy sector are urging the refinery to review its pricing downward in line with current market realities.
Energy experts, including Engr. Eleojo Joseph and Dominic Ebere, argued that the refinery should mirror the drop in crude prices just as it did when prices surged.
Ebere added that price responsiveness is essential for consumer confidence and market credibility, especially as Nigerians continue to grapple with high fuel costs.
Market Outlook
Analysts predict that if the peace proposal between the U.S. and Iran gains traction, crude prices could stabilize below $100 per barrel in the coming weeks, potentially easing global fuel costs.
However, they caution that geopolitical uncertainties and supply chain disruptions could still influence short-term price movements.
For now, attention remains on how the Dangote Refinery, Africa’s largest, will respond to the changing global oil dynamics and growing domestic pressure for a price review.