Dangote Refinery and Retailers Cut Nigeria Petrol Prices

International crude oil benchmarks declined on September 21, 2026, with Brent crude falling to $100.50 and West Texas Intermediate dropping to $92.43 per barrel. This price retreat occurred despite intensified fighting in the Middle East that disrupted shipping through the Strait of Hormuz, reducing commodity-carrying vessels from approximately 35 to 12.

In response to the falling global costs, Dangote Petroleum Refinery & Petrochemicals Fze reduced its gantry price for Premium Motor Spirit by N25 per litre, lowering the cost from N1,350 to N1,325 per litre. This adjustment reversed a two-week trend of price increases that occurred when crude oil climbed above $104 per barrel.

Fuel retailers in Abuja and surrounding areas subsequently lowered pump prices as competition grew in the downstream market. AA Rano reduced its price by N30 per litre to N1,420, while Mobil lowered its rate by N25 per litre to N1,410. While these adjustments follow the decline in international benchmarks, retail prices in Abuja remain elevated, previously ranging between N1,395 and N1,450 per litre.