Dangote Petroleum Refinery has lowered its petrol price by 100 naira to 1,075 naira per litre, marking the first cut after recent hikes linked to international oil fluctuations.
The adjustment, effective Tuesday, also slashes diesel costs by 190 naira to 1,430 naira per litre, with coastal petrol distribution priced at 1,050 naira per litre. These figures exclude regulatory fees imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The reductions come as global crude oil prices eased to $90 per barrel, the first decline since the onset of the US-Iran-Israel conflict, enabling the refinery to reflect market savings in its pricing.
Previous increases had pushed petrol from 874 naira per litre on March 2 to 995 naira on March 7 and 1,175 naira on Monday, driven by soaring international benchmarks amid regional tensions.
Refinery CEO David Bird explained the volatility: “The facility is not insulated from global oil shocks, as it sources crude on international benchmarks, meaning prices will continue to reflect energy market developments.”
