Fuel Price Relief as Dangote Refinery Cuts Petrol by N100
Nigeria’s privately owned Dangote Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by N100 per litre, offering some relief to marketers and consumers amid fluctuating global crude oil prices.
The refinery on Tuesday announced a reduction in its petrol gantry price from N1,175 to N1,075 per litre.
Officials of the refinery confirmed the development, explaining that the price adjustment followed a slump in international oil prices.
According to the officials, petrol supplied through coastal distribution channels will now sell for N1,050 per litre, reflecting a slight price differential attributed to marine transportation logistics.
The refinery also announced a reduction in diesel prices. Diesel, which previously sold for N1,620 per litre at the gantry, has now dropped to N1,430 per litre, representing a decrease of N190.
Industry watchers attribute the price review to the sharp decline in global crude oil prices. Data from energy market tracker Oilprice.com indicates that Brent crude experienced a dramatic reversal on Tuesday, falling nearly 27 per cent from the previous day’s peak of $119 per barrel to as low as $87 per barrel.
Sources at the refinery noted that persistent volatility in the global crude market has been responsible for frequent price adjustments. They cited geopolitical tensions, particularly the ongoing dispute involving the United States and Iran, as a key factor influencing international oil prices.
Market analysts say the latest reduction could ease pressure on fuel marketers and potentially impact pump prices across the country if sustained.
