Dangote Petroleum Refinery has announced a significant reduction in its ex-gantry petrol price, bringing it down to N1,200 per litre, according to a statement released on Thursday. The refinery also lowered its coastal price to N1,153 per litre, signaling adjustments that may ripple across Nigeria’s fuel distribution network.
The price cut comes amid ongoing volatility in global oil markets, driven largely by geopolitical tensions in the Middle East. Despite rising crude oil prices internationally, Dangote Refinery opted for a N75 reduction from the previous N1,275 per litre, showcasing a responsive approach to current market dynamics.
The refinery emphasized that this adjustment is expected to influence supply costs across depots and retail outlets nationwide. “Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets,” the statement read.
Earlier in March, the refinery had increased petrol prices several times—from N1,175 per litre on March 13, to N1,245 per litre on March 20, and N1,275 per litre on March 21. The latest reduction suggests a strategic shift in response to fluctuating crude oil prices and evolving domestic and global market conditions.
Analysts note that global oil prices remain a major factor in local fuel pricing. Brent crude rose to $100.54 per barrel on Thursday following Middle East tensions, after dipping to $96 per barrel due to delayed U.S. military action against Iran. The International Energy Agency has warned that ongoing conflicts could disrupt global supply, directly impacting fuel pricing decisions for refiners like Dangote.
source: nairametrics