Dangote Refinery has reduced its ex-gantry price of petrol to ₦1,075 per litre, marking a ₦100 drop from its previous rate.
According to the refinery’s latest pricing template released on Tuesday, March 10, the new price represents a reduction from the earlier ₦1,175 per litre charged at the gantry.
The company also announced that petrol supplied through coastal distribution channels will now be sold at ₦1,050 per litre.
In addition, the refinery reduced the price of diesel to ₦1,430 per litre. The new rate reflects a ₦190 decrease from the previous price of ₦1,620 per litre.
Dangote Refinery noted that the quoted gantry prices do not include statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
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The latest adjustment marks the first reduction in petrol prices by the refinery after three successive increases earlier in the month.
On Monday, the refinery raised the petrol price to ₦1,175 per litre, up from ₦995 per litre on March 7 and ₦874 per litre on March 2.
Meanwhile, crude oil prices dropped to about $90 per barrel on Tuesday, the first decline since the outbreak of hostilities in the Middle East.
The conflict involving the United States, Iran, and Israel had earlier pushed global oil prices higher, contributing to rising petrol prices in Nigeria.
Speaking earlier on March 9, the refinery’s Chief Executive Officer, David Bird, said the Dangote Refinery was affected by movements in the global oil market because it sources crude oil using international price benchmarks.