The Dangote Refinery has reduced the gantry price of petrol by N100 per litre, lowering it from N1,175 to N1,075.
Officials of the refinery said the price adjustment followed a significant decline in global crude oil prices.
,
According to the company, the price of Brent crude oil dropped from over $100 per barrel earlier in the week to about $89, prompting a review of its fuel pricing structure.
The refinery also announced reductions in the prices of other petroleum products. Petrol supplied through coastal distribution channels will now sell for N1,050 per litre, reflecting adjustments linked to marine transportation costs.
In a related development, the gantry price of diesel has also been reduced by N190 per litre, falling from N1,620 to N1,430.
Industry data from Oilprice.com shows that Brent crude recently recorded a major market reversal, dropping nearly 27 per cent from a peak of about $119 per barrel to around $87.
The refinery attributed the recent fuel price adjustments to volatility in the global oil market, partly driven by geopolitical tensions involving the United States and Iran.
The latest reduction is expected to influence petrol pricing across Nigeria’s downstream petroleum sector.
