Dangote Refinery has reduced its ex-gantry price of petrol to ₦1,075 per litre, down from ₦1,175, marking a ₦100 decrease.
The refinery’s Chief Communications Officer, Anthony Chiejina, announced the price adjustment on Tuesday, adding that petrol supplied through coastal distribution will now sell at ₦1,050 per litre.
The refinery also lowered the price of diesel to ₦1,430 per litre, representing a ₦190 reduction from the previous price of ₦1,620 per litre.
“Under the revised pricing structure, the gantry price of PMS has been reduced from ₦1,175 to ₦1,075 per litre, while the coastal price has been lowered from ₦1,150 to ₦1,028 per litre. The price of diesel has also been reduced from ₦1,620 to ₦1,430 per litre,” the company said in a statement.
The refinery explained that the adjustment reflects the recent decline in global crude oil prices.
“As responsible corporate citizens operating within a high-governance and ethical environment, we believe it is imperative to adjust the prices of our products to reflect the decline in global crude oil prices,” the statement said.
The company also clarified that all crude supplied to the refinery is priced based on international benchmarks, with an additional $3 to $6 premium, while foreign exchange is paid at the prevailing market rate, without subsidy.
“For the avoidance of doubt, crude supplied under the Naira-for-Crude arrangement is also priced according to the global benchmark plus a premium, which is then converted to naira using the prevailing market exchange rate,” the statement added.
The refinery reiterated its commitment to strengthening Nigeria’s energy security in line with prevailing economic realities.
The latest adjustment marks the first price reduction after three consecutive hikes that had pushed petrol prices higher in recent weeks. On Monday, the refinery raised the price of petrol to ₦1,175 per litre, up from ₦995 per litre on March 7 and ₦874 per litre on March 2.
Earlier, the refinery’s Chief Executive Officer, David Bird, said the facility is not immune to global oil market shocks because it sources crude based on international benchmark prices.
The price cut comes as global crude oil prices dropped to about $90 per barrel, the first decline since tensions escalated in the Middle East involving the United States, Iran and Israel, which had earlier pushed global energy prices higher.
Meanwhile, oil marketers have warned that petrol prices in Nigeria could still rise further if the conflict persists.
Speaking on The Morning Brief on Channels Tv, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said Nigerians should prepare for the possibility of petrol prices climbing to ₦1,500 per litre.
According to him, while prices may rise due to global volatility, the availability of fuel from the Dangote refinery remains critical to maintaining supply and preventing scarcity.
“The reality is that given the volatility we are seeing, the Dangote refinery is the salvation for us because of the consistent availability of products,” he said.
“The availability of products is more important than pricing at this time. With logistics and other costs added, petrol could reach ₦1,500 per litre, and Nigerians should not panic.”
