Lucky Obukohwo Reporting
The Dangote Refinery has reduced its ex-gantry price of petrol by N100 per litre, signaling a slight succour to fuel marketers and motorists after recent increase occasioned by volatility in global oil prices.
According to the refinery’s latest pricing template released on Tuesday, petrol will now sell at N1,075 per litre, down from the previous rate of N1,175. The facility also announced that petrol supplied through coastal distribution channels will cost N1,050 per litre.
Truth Live News International reports that the drop might be connected to Trump stern warning to Iran, saying that the US would respond “twenty times harder” if Tehran takes action to disrupt oil shipments through the Strait of Hormuz.
Moreso, industry analysts say the price cut followed a drop in crude prices to about $90 per barrel after the conflict involving the United States, Iran and Israel unsettled energy markets and pushed fuel costs higher in Nigeria.
The company also adjusted its diesel price downward, cutting it to N1,430 per litre. This represents a reduction of N190 from the earlier price of N1,620 per litre.
However, the refinery clarified that the quoted gantry prices do not include statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The latest adjustment marks the first reduction after three successive price increases in recent days, reflecting the refinery’s response to movements in the international crude oil market.
Just a day earlier, the refinery had raised the petrol price to N1,175 per litre, up from N995 on March 7 and N874 on March 2, as global oil prices surged following tensions in the Middle East.
