Dangote Refinery cuts petrol price by N100

The Dangote Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by N100, lowering it from N1,175 to N1,075 per litre.

Officials of the refinery confirmed the development on Tuesday, noting that the price adjustment followed a significant drop in global crude oil prices.

According to the officials, petrol supplied through coastal distribution channels will now be sold at N1,050 per litre, reflecting a slight price difference due to marine logistics.

The refinery also announced a reduction in the price of diesel, which now sells for N1,430 per litre at the gantry, down from the previous price of N1,620 per litre — representing a N190 decrease.

Reports indicate that Brent crude experienced a sharp decline on Tuesday, falling from over $100 per barrel on Monday to about $89 per barrel.

Data from oilprice.com further showed that the benchmark crude price dropped dramatically from a previous high of $119 per barrel to as low as $87 per barrel.

The Dangote Refinery attributed earlier fuel price increases to volatility in the global oil market, particularly tensions linked to the ongoing conflict between the United States and Iran.