The Dangote refinery has announced a significant price cut, reducing its ex-gantry petrol price to N1,075 per litre.
This marks a N100 decrease from the previous rate of N1,175. Additionally, petrol supplied via coastal distribution has been lowered to N1,050 per litre, providing some relief after a period of steady increases.
The price of diesel also saw a substantial reduction, dropping from N1,620 to N1,430 per litre. This N190 decrease reflects the refinery’s attempt to adjust to shifting market conditions. Notably, these quoted gantry prices do not yet include statutory charges imposed by the NMDPRA.
This adjustment is a major pivot, representing the first price cut following three consecutive hikes earlier this month. Prices had previously climbed from N874 on March 2 to N1,175 by March 9.
The refinery’s CEO, David Bird, previously noted that the plant remains tied to international benchmarks despite its local operations.
The timing of the reduction coincides with a drop in global crude oil prices to $90 a barrel. This is the first decline since the onset of the Middle East conflict involving the US, Iran, and Israel, which had spiked global energy costs and subsequently driven up domestic prices in Nigeria.
While the refinery is susceptible to global oil shocks, this latest move suggests a direct response to the cooling international market. It remains to be seen how quickly these lower gantry prices will translate to cheaper fuel for consumers at the pump.
