Olayiwola Matthew
Dangote Petroleum Refinery has reduced its ex-gantry petrol price to N1,075 per litre.
According to the refinery’s latest pricing template released on Tuesday, the company cut the petrol price by N100 from its previous rate of N1,175 per litre.
The refinery also announced that petrol supplied through coastal distribution will now sell at N1,050 per litre.
In addition, the company reduced the price of diesel to N1,430 per litre, representing a N190 drop from the previous price of N1,620 per litre.
The refinery noted that the quoted gantry prices do not include statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The latest petrol price adjustment marks the first reduction after three consecutive price increases.
On Monday, the refinery raised the petrol price to N1,175 per litre, up from N995 per litre on March 7 and N874 per litre on March 2.
Meanwhile, crude oil prices dropped to $90 per barrel on Tuesday, marking the first decline since the war in the Middle East began.
The conflict involving the United States, Iran, and Israel had earlier pushed global oil prices higher, leading to an increase in petrol prices in Nigeria.
On March 9, the Chief Executive Officer of the refinery, David Bird, said that the Dangote Refinery was not immune to global oil shocks because it sources crude oil based on international market benchmarks.
