The Dangote Petroleum Refinery on Tuesday announced a significant reduction in its petrol gantry price, cutting the cost by N100 per litre from N1,175 to N1,075.
Officials of the refinery confirmed the development, noting that the price adjustment was prompted by a sharp decline in global crude oil prices.
According to the officials, petrol supplied through coastal distribution channels will now sell for N1,050 per litre, reflecting a slight pricing variation to account for marine logistics.
The refinery also reduced the price of diesel. The product will now be sold at N1,430 per litre at the gantry, representing a N190 decrease from the previous price of N1,620 per litre.
Market data showed that global oil prices recorded a dramatic reversal on Tuesday. Brent crude, which had surged to over $100 per barrel on Monday, fell to around $89 per barrel.
Energy market tracker, oilprice.com, reported that Brent crude plunged by nearly 27 per cent from the previous day’s high of $119 per barrel to as low as $87 per barrel during trading.
The Dangote Refinery had earlier attributed its previous fuel price increases to volatility in the international crude oil market, particularly tensions linked to the ongoing conflict between the United States and Iran.
Industry analysts say the latest reduction may offer some relief to marketers and consumers if the downward trend in global oil prices persists.
