DANGOTE Petroleum Refinery has reduced the ex-gantry price of petrol by N100, bringing the rate down to N1,075 per litre.
The new price was disclosed in the refinery’s latest pricing template released on Tuesday. The adjustment marks a reduction from the previous ex-depot price of N1,175 per litre.
The refinery also announced that petrol supplied through its coastal distribution channel will now be sold at N1,050 per litre.
In addition, the price of diesel has been lowered to N1,430 per litre, representing a N190 drop from the earlier price of N1,620 per litre.
READ ALSO: Dangote Refinery increases petrol price to N995 as Middle East crisis inflicts hardship
According to the company, the quoted gantry prices do not include statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The latest adjustment is the first reduction after three consecutive increases in petrol prices by the refinery.
On Monday, the refinery had raised the petrol price to N1,175 per litre, up from N995 per litre on March 7 and N874 per litre on March 2.
The price cut comes after a drop in global crude oil prices. On Tuesday, Brent price fell to about $89.51 per barrel at 5.36pm Nigerian time, with WTI Crude at $85.21 per barrel, marking the first decline since tensions in the Middle East escalated.
The conflict involving the United States, Iran and Israel had earlier pushed global oil prices higher, contributing to rising petrol prices in Nigeria.
Earlier on March 9, the refinery’s Chief Executive Officer, Mr David Bird, said the Dangote refinery is not insulated from global oil shocks, noting that the plant purchases crude oil based on international benchmark prices.
Global oil price drop
Economy Post reported earlier that oil prices dropped significantly during early Asian trading on Tuesday after climbing to their highest levels since 2022 the previous day. The decline followed remarks from former U.S. President Donald Trump indicating that the conflict with Iran could conclude sooner than expected, easing market fears of prolonged disruptions to global crude supply.
In an interview with CBS News on Monday, Trump said the military operation was already “very complete, pretty much,” adding that progress had moved much faster than his earlier projection that the conflict could last between four and five weeks, Oilprice.com noted.
He later reiterated to reporters that the war could end ‘very soon,’ though he noted that it was unlikely to be resolved within the coming week.
The comments quickly influenced energy markets, prompting traders to scale back expectations of extended supply disruptions from the Middle East.
Just a day earlier, oil prices had spiked above $100 per barrel, briefly nearing $120, as tensions escalated in the region and Tehran announced Ayatollah Mojtaba Khamenei as its new supreme leader.
Additional downward pressure on prices emerged after Russian President Vladimir Putin reportedly spoke with Trump and proposed ideas aimed at ending the conflict quickly, according to a Kremlin aide.
Meanwhile, finance ministers from the G7 stated that the group remains ready to intervene to stabilise oil markets if necessary, although they stopped short of announcing any coordinated release of strategic petroleum reserves.
Despite the steep decline, analysts caution that the oil market could continue to swing sharply due to lingering geopolitical risks, particularly uncertainty over how Iran might react if hostilities with the United States were halted.
“Considering the developments over the past 24 hours, crude oil is likely to remain extremely volatile, potentially trading within a broad range between about $75 and $105 in the near term,” IG market analyst Tony Sycamore said in a note cited by Reuters.
Production disruptions across parts of the Gulf are also shaping the outlook. Iraq has reduced output from its main southern oilfields by roughly 70 percent to about 1.3 million barrels per day, while Kuwait Petroleum Corporation has begun cutting production and declared force majeure. Saudi Arabia has also moved to scale back output.
Iran has warned it could intensify its response if attacks continue. The Islamic Revolutionary Guard Corps (IRGC) said Tehran would ultimately determine how the conflict ends and cautioned that it could prevent oil exports from the region if U.S. and Israeli strikes persist.
