The Dangote Petroleum Refinery has reduced its ex-gantry price of petrol to N1,075 per litre.
According to the refinery’s latest pricing template released on Tuesday, the new rate reflects a N100 reduction from the previous price of N1,175 per litre.
The company also announced that petrol supplied through coastal distribution will now sell at N1,050 per litre.
It also cut the price of diesel to N1,430 per litre, representing a N190 decrease from the earlier price of N1,620 per litre.
The refinery noted that the quoted gantry prices do not include statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The latest adjustment marks the first price reduction after three consecutive increases.
On Monday, the refinery raised the petrol price to N1,175 per litre, up from N995 per litre on March 7 and N874 per litre on March 2.
The price cut comes amid a decline in global crude oil prices.
The New Daily Prime reported on Tuesday that Brent crude fell to around $90 per barrel. This signified the first drop since the Middle East conflict began.
The war involving the United States, Iran and Israel had earlier pushed global oil prices higher, contributing to rising petrol prices in Nigeria.
On March 9, the Dangote Refinery’s chief executive officer, David Bird, said the plant remains exposed to global oil market shocks because it sources crude based on international benchmarks.
