The Dangote refinery has reduced its ex-gantry petrol price to N1,200 per litre.
The drop in price reflects a decrease of N75 from the previous rate of N1,275 per litre.
The refinery had increased its petrol price from N1,175 per litre on March 13 to N1,245 per litre on March 20 — and then to N1,275 per litre on March 21.
In a statement released on Thursday, the refinery said its coastal price also dropped to N1,153 per litre.
“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets,” the statement reads.
“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets.”
The development comes despite a rise in Brent crude oil, the global benchmark, which reached $100.54 per barrel on Thursday.
Oil price had plunged on Monday to $96 a barrel after United States President Donald Trump, said he would postpone any military strikes against Iranian power plants and energy infrastructure for five days.
On March 13, the International Energy Agency (IEA) said the war is creating the largest supply disruption in the history of the global oil market.
