The Dangote Petroleum Refinery has reduced its ex-gantry price of petrol to N1,200 per litre, marking a N75 drop from the previous rate of N1,275 per litre.

The latest adjustment comes days after a series of increases. The refinery had earlier raised the price from N1,175 per litre on March 13 to N1,245 on March 20 and later to N1,275 on March 21.

In a statement released on Thursday, the refinery also announced a reduction in its coastal price to N1,153 per litre.

The company said the price review reflects ongoing developments in the global oil market, particularly tensions in the Middle East, which continue to impact supply and pricing.

It noted that the downward adjustment is expected to affect fuel supply costs across the distribution chain, including depots and retail outlets.

The statement reads, “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 price cut comes despite a rise in Brent crude, the global oil benchmark, which climbed to $100.54 per barrel on Thursday.

Earlier in the week, oil prices had dropped to $96 per barrel after the United States indicated a delay in planned military action targeting Iranian energy infrastructure.

Meanwhile, the International Energy Agency (IEA) had warned on March 13 that the ongoing conflict could trigger one of the largest supply disruptions in the history of the global oil market. (Nigerian Tribune)