The Dangote Petroleum Refinery has cut its ex-gantry price for petrol to N1,075 per litre, marking its first reduction after three successive increases that had driven up fuel prices in recent weeks.
A pricing template released by the refinery on Tuesday shows the new rate represents a N100 drop from the previous price of N1,175 per litre. Petrol distributed via coastal supply will now sell at N1,050 per litre.
Diesel prices were also revised downward to N1,430 per litre, a N190 decrease from the earlier N1,620 per litre, providing some relief to consumers and businesses reliant on the fuel. The refinery clarified that the stated gantry prices exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The latest adjustment follows a series of increases in recent days. On Monday, the refinery raised petrol prices to N1,175 per litre, up from N995 on March 7 and N874 on March 2, amid rising global crude oil prices linked to the ongoing conflict involving the United States, Iran and Israel.
The price reduction came as global oil prices eased to about $90 per barrel, the first decline since the outbreak of the Middle East conflict, allowing the refinery to pass on some savings to the market.
The development aligns with comments made on March 9 by the refinery’s Chief Executive Officer, David Bird, who noted that the facility is not insulated from global oil price volatility because it sources crude using international benchmarks. He added that product pricing at the refinery would continue to reflect trends in the global energy market.
