The Dangote Petroleum Refinery has lowered its ex-gantry petrol price to N1,075 per litre, marking the first reduction following three consecutive hikes that had sharply driven up the cost of fuel in recent weeks.
According to Vanguard, in the firm’s latest pricing template released on Tuesday, the refinery confirmed that the new rate represents a N100 drop from Monday’s N1,175 per litre.
Additionally, petrol sold through coastal distribution channels will now retail at N1,050 per litre.
Diesel prices also saw a significant decline, falling to N1,430 per litre, a N190 reduction from the previous N1,620, easing pressure on consumers and businesses that rely heavily on fuel.
The company clarified that the stated gantry prices do not include statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
This adjustment follows a period of steep increases: on Monday, petrol rose to N1,175 per litre, up from N995 on March 7 and N874 on March 2.
These surges were linked to the spike in global crude oil prices caused by the ongoing conflict involving the United States, Iran, and Israel.
Tuesday’s reduction coincided with a dip in global oil markets, as crude prices fell to $90 a barrel, the first decline since the Middle East conflict began, enabling the refinery to pass on some relief to consumers.
The development aligns with remarks made by the refinery’s Chief Executive Officer, David Bird, who said on March 9, “the Dangote refinery was not insulated from global oil price shocks, given that it sources its crude on international benchmarks.”
His comments suggested that the refinery’s pricing would continue to reflect fluctuations in the global energy market.
