Dangote Petroleum Refinery & Petrochemicals has announced a reduction in its ex-gantry price of petrol to N1,200 per litre, marking a N75 decrease from its previous rate of N1,275.
The refinery disclosed this in a statement on Thursday, noting that its coastal price has also been adjusted downward to N1,153 per litre.
“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets,” the statement reads.
“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets.”
The latest reduction follows a series of recent price increases by the refinery. Petrol had earlier moved from N1,175 per litre on March 13 to N1,245 on March 20, before rising again to N1,275 on March 21.
Despite the price cut, global oil prices have remained volatile. Brent crude, the international benchmark, climbed to $100.54 per barrel on Thursday.
Earlier in the week, prices had dipped to around $96 per barrel after Donald Trump announced a delay in potential military action against Iranian energy facilities.
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Meanwhile, the International Energy Agency had warned on March 13 that the ongoing conflict could trigger one of the most significant supply disruptions in the history of the global oil market.
The refinery’s latest move is expected to have ripple effects across Nigeria’s fuel distribution chain, potentially easing costs for marketers and consumers.