Dangote Refinery Cuts Petrol Price by N100 as Global Oil Prices Fall
Motorists got some welcome news on Tuesday as Dangote Refinery slashed its ex-gantry petrol price by N100, bringing it down to N1,075 per litre. Coastal distribution now offers petrol at N1,050 per litre, while diesel prices also fell sharply to N1,430 per litre, down N190 from the previous rate.
This adjustment comes after three consecutive price hikes earlier in March, when petrol shot up from N874 per litre on March 2 to N995 per litre on March 7, before peaking at N1,175 per litre on Monday. The refinery noted that these gantry prices do not include statutory charges from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The price cut follows a drop in crude oil prices to $90 per barrel, marking the first decline since the Middle East conflict involving the US, Iran, and Israel drove global oil prices higher. Dangote Refinery’s CEO, David Bird, has said the plant remains sensitive to international oil market shifts, as it secures crude on global benchmarks. For Nigerians, this is a timely relief after weeks of rising fuel costs.
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