The Dangote Refinery on Tuesday announced a reduction of its petrol gantry price by N100, from N1,175 to N1,075 per liter.
The reduction followed a slump in global oil prices, with Brent crude dropping to $89 per barrel from over $100 on Monday.
Officials of the refinery confirmed the development, adding that diesel prices have also been reduced.
They noted that petrol supplied via coastal distribution channels will now sell for N1,050 per litre, reflecting a slight differential for marine logistics.
In the same vein, diesel is now N1,430 per liter at the gantry, representing a N190 reduction from the earlier price of N1,620 per liter.
According to oilprice.com, Brent crude prices witnessed a reversal on Tuesday, plunging nearly 27 percent from the previous day’s high of $119 per barrel to as low as $87 per barrel.
The Dangote Refinery blamed global crude volatility for the repeated price hikes, citing tensions arising from the US-Iran conflict.
