Dangote Refinery Cuts Petrol Price by N100

Dangote Petroleum Refinery has reduced its ex-gantry petrol price to N1,075 per litre, marking its first price reduction after three consecutive increases that had significantly raised the cost of the product in recent weeks.

The refinery said the latest pricing template released on Tuesday, the reduction represents a N100 drop from the previous rate of N1,175 per litre.

The refinery also announced that petrol supplied through coastal distribution will now sell at N1,050 per litre.

The price of diesel has also been revised downward, falling to N1,430 per litre — a N190 reduction from the prior price of N1,620 per litre, offering further relief to consumers and businesses dependent on the fuel.

The company noted that the quoted gantry prices exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

Tuesday’s reduction comes after a run of sharp upward adjustments.

On Monday, the refinery raised petrol prices to N1,175 per litre, up from N995 per litre on March 7 and N874 per litre on March 2 — increases attributed to the surge in global crude oil prices triggered by the ongoing conflict involving the United States, Iran, and Israel.

The price cuts on Tuesday coincided with a notable easing in global oil markets, as crude oil prices dropped to $90 a barrel — the first decline since the Middle East war began — providing the refinery with room to pass on savings to consumers.

The development aligns with remarks made by the refinery’s Chief Executive Officer, David Bird, who said on March 9 that the Dangote refinery was not insulated from global oil price shocks, given that it sources its crude on international benchmarks. His comments had signalled that price movements at the refinery would continue to mirror developments in the global energy market.