Dangote Petroleum Refinery & Petrochemicals has reduced its ex-gantry petrol price to N1,200 per litre, marking a N75 drop from its previous rate of N1,275.
The refinery also lowered its coastal price to N1,153 per litre, signalling a shift in its pricing structure despite continued volatility in global oil markets.
The latest adjustment comes after a series of rapid increases earlier in March. The refinery had raised its petrol price from N1,175 per litre on March 13 to N1,245 on March 20, before pushing it further to N1,275 on March 21.
In a statement released on Thursday, the company said the price reduction reflects ongoing developments in the international oil market, particularly tensions in the Middle East.
According to the refinery, the downward review is expected to affect fuel supply costs across distribution channels, including depots and retail outlets nationwide.
The price cut comes even as Brent crude oil climbed to $100.54 per barrel, underlining the complex dynamics shaping fuel pricing.
Earlier in the week, oil prices dipped to about $96 per barrel after Donald Trump announced a temporary delay in potential military action targeting Iranian energy infrastructure.
Meanwhile, the International Energy Agency has warned that ongoing geopolitical tensions are triggering one of the largest supply disruptions in the history of the global oil market.
Industry observers say the refinery’s decision could bring some relief to marketers and consumers, although pump prices will depend on distribution margins and other market forces.
