The Dangote Refinery has reduced its petrol gantry price by N100, bringing the cost down from N1,175 to N1,075 per litre. The adjustment, which took effect on Tuesday, follows a sharp decline in global oil prices.
Officials of the refinery confirmed the development, explaining that the reduction was influenced by the recent slump in international crude oil prices. The drop saw Brent Crude fall to about $89 per barrel from over $100 recorded on Monday.
According to the refinery, petrol supplied through coastal distribution channels will now be sold at N1,050 per litre. The slightly lower price reflects differences in logistics costs associated with marine transportation.
In addition to petrol, the refinery also announced a reduction in diesel prices. Diesel will now be sold at N1,430 per litre at the gantry, marking a N190 decrease from the previous price of N1,620 per litre.
Industry data from oilprice.com indicated that Brent crude prices witnessed a dramatic reversal on Tuesday. The global oil benchmark reportedly plunged nearly 27 per cent from the previous day’s high of $119 per barrel to as low as $87 per barrel.
The Dangote Refinery had earlier attributed repeated fuel price adjustments to volatility in the global crude oil market. The refinery noted that geopolitical tensions, particularly those linked to the US–Iran conflict, have continued to influence oil prices worldwide.
Market analysts say the latest price reduction could bring some relief to fuel marketers and consumers if the trend in global oil prices continues.
