The latest development comes as global crude oil prices continue to experience sharp swings, driven by renewed geopolitical tensions in the Middle East and changing market fundamentals. Credit: NovatisSource: Getty ImagesCrude oil prices rebound after sharp declineInternational crude oil prices staged a strong recovery on Wednesday, July 29, 2026, after heavy losses the day before. Imported petrol now cheaper than Dangote's supplyDespite the rebound in global crude prices, Nigeria's major fuel marketers say imported petrol is currently landing at a lower cost than products supplied by the Dangote Refinery. The latest price adjustment comes despite the continued surge in global crude oil prices, which had recently pushed domestic petrol prices to fresh highs. Global oil prices have remained strong in recent weeks due to supply concerns and geopolitical developments.