Dangote Refinery Reduces Petrol Price to N1,075 per Litre After Earlier Hikes

The Dangote Petroleum Refinery has cut its ex-gantry petrol price by N100, bringing the cost down to N1,075 per litre, its first price reduction after three consecutive increases in recent weeks.

The latest pricing template released on Tuesday shows the new rate dropping from the previous N1,175 per litre. Petrol distributed through coastal supply channels will now sell at N1,050 per litre, the company said.

Diesel prices have also been reduced to N1,430 per litre, down N190 from the earlier price of N1,620 per litre, easing pressure on businesses and consumers reliant on the fuel.

The refinery clarified that the listed gantry prices exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The price adjustment comes after a sharp rise in petrol prices in recent weeks. On Monday, the refinery increased the price to N1,175 per litre, from N995 per litre on March 7 and N874 per litre on March 2, increases linked to the surge in global crude oil prices triggered by tensions involving the United States, Iran and Israel.

However, Tuesday’s reduction followed a drop in global oil prices to around $90 per barrel, marking the first decline since the Middle East conflict started.

Speaking earlier on March 9, the refinery’s Chief Executive Officer, David Bird, said the Dangote refinery is not shielded from global oil price volatility because it purchases crude oil based on international market benchmarks.

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