LAGOS, June 16 – Dangote Petroleum Refinery has reduced its petrol gantry price by N75 per litre, lowering the rate from N1,250 to N1,175 per litre as tensions in the Middle East begin to ease.
In a circular issued to fuel marketers, the refinery said the adjustment followed the de-escalation of geopolitical tensions that had driven energy prices higher over the past three months.
The refinery also reduced its coastal price from N1,595,790 per metric tonne to N1,495,215 per metric tonne. The new rates took effect from midnight, with all outstanding unloaded gantry volumes set to be repriced under the revised structure.
Crude prices had surged during the conflict, climbing above $120 per barrel at one point and pushing up the cost of refined products worldwide. In Nigeria, petrol prices rose from around N830 per litre to as high as N1,300 per litre during the period, while diesel and aviation fuel also became more expensive.
However, oil prices have since started to retreat. Brent crude, which traded at about $83 per barrel earlier this week, continued its downward trend following news of the peace deal.
Dangote’s revised price now makes its petrol the cheapest available at the gantry, with many marketers still selling around N1,240 per litre before the adjustment.
Industry watchers say the latest cut could translate into lower pump prices in the coming weeks. However, a Dangote Refinery official noted that the company still has higher-priced crude purchased during the peak of the crisis, which could influence the pace of further reductions.
For now, motorists and businesses waiting for relief from rising fuel costs will be watching closely to see whether the latest adjustment marks the beginning of a broader decline in petrol prices.
