The Dangote Petroleum Refinery has announced a reduction in the price of premium motor spirit (petrol), lowering its ex-gantry rate to N1,075 per litre. The adjustment represents a N100 decrease from the previous price of N1,175 per litre and marks the refinery’s first downward review after several recent price increases.
In its updated pricing template released on Tuesday, the refinery also stated that petrol distributed through its coastal supply channel will now sell for N1,050 per litre, providing a slightly cheaper option for buyers within that distribution network.
Alongside the petrol price adjustment, the refinery equally revised the price of automotive gas oil (diesel) downward. The cost of diesel has been reduced to N1,430 per litre, representing a N190 drop from the earlier price of N1,620 per litre. The reduction is expected to provide some relief for transporters, manufacturers, and other businesses that rely heavily on diesel to power operations.
However, the refinery clarified that the quoted ex-gantry prices do not include statutory levies and other regulatory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). These additional charges may influence the final retail price paid by consumers.
The latest price adjustment follows a series of steep increases recorded in recent days. On Monday, the refinery raised the petrol price to N1,175 per litre, up from N995 per litre on March 7 and N874 per litre on March 2. Those increases were largely attributed to the surge in international crude oil prices, which had been driven by escalating geopolitical tensions involving the United States, Iran, and Israel.
Tuesday’s reduction appears to be linked to a slight easing in global oil markets. Crude oil prices reportedly declined to around $90 per barrel, the first significant drop since the Middle East conflict began. The decline in crude prices created room for the refinery to adjust its fuel prices downward.
Earlier, on March 9, the Chief Executive Officer of the Dangote refinery, David Bird, noted that the facility is not immune to fluctuations in the global oil market. According to him, because the refinery sources crude based on international pricing benchmarks, changes in global oil prices will continue to influence its fuel pricing structure.
