The Dangote refinery reduced its ex-gantry petrol price to N1,075 per litre on Tuesday.
According to the refinery’s latest pricing template, released on Tuesday, the plant reduced the petrol price by N100 from its previous rate of N1,175 per litre.
The refinery also said petrol supplied through coastal distribution will now sell at N1,050 per litre.
According to Dangote refinery, the price of diesel has also been reduced to N1,430 per litre, representing a N190 drop from the prior price of N1,620 per litre.
The company said the quoted gantry prices exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The petrol price adjustment represents the first cut after three previous hikes.
On Monday, the refinery increased petrol price to N1,175 per litre — up from N995 per litre on March 7 and N874 per litre on March 2.
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Earlier today, crude oil prices dropped to $90 a barrel on Tuesday, marking the first decline since the war in the Middle East began.
The war involving the United States (US), Iran, and Israel raised global oil prices, leading to a hike in petrol prices in Nigeria.
On March 9, David Bird, the chief executive officer (CEO) of the refinery, said the Dangote refinery was not immune to global oil shocks as it secures its crude on international benchmarks.
