The Dangote Petroleum Refinery has reduced its ex-gantry petrol price to N1,075 per litre, marking the first price cut after three successive hikes that had pushed the cost of the commodity significantly higher in recent weeks.
According to the refinery’s latest pricing template released on Tuesday, the reduction represents a N100 drop from the previous rate of N1,175 per litre.
The refinery also announced that petrol supplied through coastal distribution will now sell at N1,050 per litre.
The price of diesel has equally been revised downward, falling to N1,430 per litre — a N190 reduction from the prior price of N1,620 per litre, offering further relief to consumers and businesses dependent on the fuel.
The company noted that the quoted gantry prices exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
Tuesday’s reduction comes after a run of sharp upward adjustments.
On Monday, the refinery raised petrol prices to N1,175 per litre, up from N995 per litre on March 7 and N874 per litre on March 2 — increases attributed to the surge in global crude oil prices triggered by the ongoing conflict involving the United States, Iran, and Israel.
Text except headline courtesy of Theeagleonline.com