Dangote Refinery Cuts Petrol Price by N100

The Dangote Refinery has reduced its petrol gantry price by N100, from N1,175 to N1,075 per litre, following a sharp decline in global crude oil prices.

Officials of the refinery confirmed the adjustment on Tuesday, noting that diesel prices have also been lowered. Petrol supplied through coastal distribution channels will now sell for N1,050 per litre to reflect marine logistics costs.

Diesel is now priced at N1,430 per litre at the gantry, representing a N190 drop from the previous price of N1,620 per litre.

According to oilprice.com, the price cut comes as Brent crude slipped to about $89 per barrel, down from over $100 on Monday amid global market volatility.

The Dangote Refinery attribute the fluctuations to rising geopolitical tensions linked to the US-Iran conflict, which have triggered sharp swings in crude prices.