Dangote refinery cuts petrol price by ₦100 after drop in global oil

By Goli Innocent

The Dangote Refinery has reduced its ex-gantry price of petrol by ₦100 per litre, offering a slight relief to fuel marketers and motorists after recent increases triggered by volatility in global oil prices.

According to the refinery’s latest pricing template released on Tuesday, petrol will now sell at ₦1,075 per litre, down from the previous rate of ₦1,175. The facility also announced that petrol supplied through coastal distribution channels will cost ₦1,050 per litre.

The company also adjusted its diesel price downward, cutting it to ₦1,430 per litre. This represents a reduction of ₦190 from the earlier price of ₦1,620 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 ₦1,175 per litre, up from ₦995 on March 7 and ₦874 on March 2, as global oil prices surged following tensions in the Middle East.

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.