Dangote Refinery Slashes Petrol Price by N100 as Global Oil Prices Tumble

The Dangote Refinery on Tuesday announced a significant reduction in its petrol gantry price, cutting the cost by N100 per litre following a sharp decline in global crude oil prices.

With the adjustment, petrol will now sell for N1,075 per litre, down from the previous N1,175 per litre at the refinery’s loading gantry.

Officials of the refinery confirmed the development, noting that the price cut was prompted by the recent slump in international crude oil prices. They also disclosed that diesel prices have been revised downward as part of the adjustment.

According to the officials, petrol distributed through coastal supply channels will now be sold at N1,050 per litre, reflecting a marginal price difference due to marine logistics.

Diesel prices have also been reduced significantly. The product will now sell at N1,430 per litre at the gantry, representing a N190 decrease from the earlier price of N1,620 per litre.

Market analysts say the development is closely tied to the sudden drop in global crude benchmarks.

Data published by industry tracker OilPrice.com shows that Brent Crude prices experienced a dramatic reversal on Tuesday, plunging nearly 27 per cent from the previous day’s high of $119 per barrel to as low as $87 per barrel.

Industry sources indicate that the refinery has previously cited volatility in the global oil market for frequent adjustments in product prices.

The fluctuations have been partly linked to geopolitical tensions arising from the ongoing friction between the United States and Iran, which has continued to influence crude oil supply expectations and pricing across international markets.

Energy stakeholders say the latest price cut could offer some relief to fuel marketers and consumers if the reduction is reflected in retail pump prices across the country.