The recent drop in global crude oil prices on Tuesday has triggered fresh calls for the Dangote Refinery to reduce its petrol price, currently pegged at N1,245 per liter.
Crude prices fell below the $100 per barrel mark following reports that United States President Donald Trump sent a 15-point peace proposal to Iran aimed at easing tensions in the Middle East.
Both Brent crude and West Texas Intermediate (WTI) recorded declines of about five percent, dropping to $98 and $87 per barrel, respectively.
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 about $115 before retreating.
Amid the earlier surge, the Dangote Refinery increased petrol prices for the fifth time in March 2026, citing global crude oil market trends.
The adjustment pushed pump prices nationwide to between N1,361 and N1,380 per liter.
However, with the recent decline in crude prices, stakeholders in the energy sector are urging the refinery to lower its petrol price in line with current market realities.
Energy experts, including Engr Eleojo Joseph and Dominic Ebere argued that the company should reflect the drop in crude prices just as it adjusted rates upward during the price surge.
Eze Chidiebere Paul
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