ABUJA, Nigeria (VOICE OF NAIJA)-The Dangote Petroleum Refinery has cut its petrol gantry price by N25 per litre, bringing it down from N1,275 to N1,250.
A senior official of the Dangote Group, who spoke on condition of anonymity as he was not authorised to speak publicly, confirmed the development on Saturday.
The official said the adjustment was influenced by the recent drop in global crude oil prices.
“We have reduced the petrol price to N1,250 at our gantry. This has to do with the current reduction in global oil prices, though everything is still volatile and requires caution,” he said.
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The price cut comes as depot rates continue to fluctuate in response to changing market dynamics.
Data from petroleumprice.ng showed that Aiteo and NIPCO were selling petrol at N1,272 per litre, while Integrated Energy, Ascon and African Terminal were trading at about N1,274 per litre, all below Dangote Refinery’s previous gantry price of N1,275 per litre.
The latest reduction is expected to ripple across the downstream petroleum sector, especially among marketers who source products from the refinery.
Petrol prices in Nigeria have climbed significantly in recent months, driven by increases in global crude oil prices, with pump prices rising from about N830 per litre to around N1,300 per litre in several parts of the country.
Diesel and aviation fuel prices have also increased over the same period, heightening concerns among businesses and transport operators.