The Dangote refinery says it has reduced its ex-gantry petrol price to N1,200 per litre.
The price drop 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 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.
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