In a sudden reversal of recent trends, the Dangote Petroleum Refinery has reduced its ex-gantry petrol price to N1,075 per litre, marking the first price cut following three consecutive hikes.
This adjustment represents a N100 drop from the N1,175 per litre rate announced just a day earlier.
According to the refinery’s latest pricing template released on Tuesday, petrol supplied through coastal distribution will now be sold at N1,050 per litre.
The refinery also provided significant relief to businesses and consumers by lowering the price of diesel (Automotive Gas Oil) to N1,430 per litre, a sharp N190 reduction from the previous price of N1,620 per litre.
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The company clarified that these quoted gantry prices “exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.”
This downward shift follows a period of intense volatility where prices had climbed from N874 on March 2 to N995 on March 7, finally hitting N1,175 on Monday due to global conflicts involving the United States, Iran, and Israel.
Tuesday’s price reduction coincided with a cooling of the global oil market, as crude prices fell to $90 a barrel for the first time since the Middle East conflict began.
This shift aligns with previous statements from the refinery’s Chief Executive Officer, David Bird, who noted on March 9 that the facility “was not insulated from global oil price shocks, given that it sources its crude on international benchmarks.”
His remarks confirmed that the refinery’s pricing will continue to “mirror developments in the global energy market,” allowing for savings to be passed on to consumers when international costs decline.
