…Dangote reduced the price of diesel to ₦1,430 per litre, representing a ₦190 drop from the earlier rate of ₦1,620 per litre.
LAGOS, NIGERIA- The iNews Times | The Dangote Refinery has lowered its ex-gantry price of petrol by ₦100 per litre, providing some relief for fuel marketers and motorists after recent hikes driven by fluctuations in global oil prices.
According to Dangote refinery’s updated pricing template released on Tuesday, petrol will now sell for ₦1,075 per litre, reduced from the previous ₦1,175 per litre. Dangote refinery also stated that petrol distributed through coastal supply channels will be priced at ₦1,050 per litre.
In addition, Dangote reduced the price of diesel to ₦1,430 per litre, representing a ₦190 drop from the earlier rate of ₦1,620 per litre.
However, the refinery noted that the listed gantry prices do not include statutory charges set by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
This adjustment is the first price reduction after three consecutive increases in recent days, reflecting the refinery’s response to shifts in the global crude oil market.
Just a day earlier, the Dangote refinery had raised the petrol price to ₦1,175 per litre, up from ₦995 on March 7 and ₦874 on March 2, following a surge in international oil prices linked to tensions in the Middle East.
Industry analysts say the latest price cut came after crude oil prices declined to around $90 per barrel, following market instability caused by the conflict involving the United States, Iran, and Israel, which had earlier driven fuel costs higher in Nigeria.
