The Dangote Petroleum Refinery has reduced its ex-gantry petrol price to N1,075 per litre, ending a run of three successive increases that had pushed costs sharply higher.
According to the refinery’s latest pricing template released on Tuesday, the reduction indicates a N100 drop from the previous rate of N1,175 per litre.
Petrol supplied via coastal distribution will now sell at N1,050 per litre.
Diesel prices have also been revised downward, falling to N1,430 per litre, a N190 reduction from the previous rate of N1,620 per litre, offering relief to consumers and businesses reliant on fuel.
READ ALSO: Dangote Refinery Raises Petrol Price to N874 Per Litre
The company clarified that the quoted gantry prices exclude statutory charges levied by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
On Monday, petrol prices rose to N1,175 per litre, up from N995 on March 7 and N874 on March 2.
The hikes were linked to surging global crude oil prices amid the ongoing conflict involving the United States (US), Iran, and Israel.
Tuesday’s cuts followed a notable easing in global oil markets, with crude oil prices falling to $90 a barrel, the first decline since the Middle East conflict began.
The move reflects comments made by Dangote Refinery CEO David Bird on March 9, who acknowledged that the refinery remains affected by global oil price shocks, given its reliance on internationally benchmarked crude.