By Our Correspondent
National News – The Dangote Refinery has reduced the gantry price of petrol by ₦100, bringing the cost down from ₦1,175 to ₦1,075 per litre, following a sudden decline in global crude oil prices.
The price adjustment, announced on Tuesday, reflects the refinery’s response to the sharp drop in international oil benchmarks, which has eased pressure on fuel supply costs.
Industry sources confirmed that the refinery implemented the price reduction after Brent crude prices fell significantly in global markets.
The drop in crude prices created room for downward adjustments in refined petroleum product prices, including petrol and diesel, offering some relief to fuel marketers and consumers.
According to officials familiar with the development, petrol supplied through coastal and marine distribution channels will now sell at ₦1,050 per litre, slightly lower than the gantry price to account for logistics and distribution differences.
The adjustment is expected to influence fuel retail prices across Nigeria in the coming days as marketers begin to reflect the new supply cost.
The refinery also announced a major reduction in diesel prices.
Diesel is now sold at ₦1,430 per litre, representing a ₦190 drop from the previous price of ₦1,620 per litre.
Energy analysts say the diesel reduction could lower operating costs for industries that depend heavily on diesel-powered generators, transportation, and manufacturing.
Market reports indicate that the slump in crude prices occurred after a dramatic reversal in global oil trading.
Brent crude reportedly plunged from about $119 per barrel to as low as $87 per barrel within a short period, marking one of the sharpest daily declines in recent months.
Energy market observers attribute the volatility in oil prices partly to geopolitical tensions involving the United States and Iran.
Uncertainty surrounding the conflict has caused rapid fluctuations in global energy markets, influencing crude oil supply expectations and investor sentiment.
Experts say the latest fuel price cut by the refinery could help moderate transportation costs and inflation if sustained.
However, analysts caution that continued volatility in international crude markets means fuel prices may still fluctuate depending on global supply disruptions and geopolitical developments.
