The Dangote Refinery has reduced the gantry price of petrol by N100, bringing it down from N1,175 to N1,075 per litre.
Officials of the refinery confirmed the development on Tuesday, attributing the price cut to the recent decline in global crude oil prices.
According to the officials, petrol supplied through coastal distribution channels will now sell for N1,050 per litre, reflecting a slight adjustment to accommodate marine logistics.
The refinery also announced a reduction in diesel prices.
Diesel will now sell for N1,430 per litre at the gantry, representing a N190 drop from the previous price of N1,620 per litre.
Industry sources said the adjustment followed a slump in global oil prices, with Brent Crude dropping to about $89 per barrel after trading above $100 on Monday.
Reports monitored by Oilprice.com indicated that Brent crude witnessed a sharp reversal on Tuesday, falling nearly 27 per cent from the previous day’s peak of $119 per barrel to as low as $87 per barrel.
The refinery was said to have attributed the frequent price fluctuations in recent weeks to volatility in the global oil market.
Sources also linked the instability in crude prices to geopolitical tensions arising from the standoff between the United States and Iran.
Analysts say the price reduction by the refinery could influence retail pump prices across Nigeria if the trend in global crude prices continues.
