By Jimmy Fatunbi
The Dangote Refinery on Tuesday slashed its petrol gantry price by N100, reducing the rate from N1,175 to N1,075 per litre.
The price adjustment followed a sharp drop in global oil prices, with Brent crude falling to about $89 per barrel from over $100 recorded on Monday.
Officials of the refinery confirmed the development, noting that diesel prices were also cut as part of the review.
According to the officials, petrol distributed through coastal channels will now sell for N1,050 per litre, reflecting a slightly lower price due to differences in marine logistics.
In a similar move, diesel prices were reduced to N1,430 per litre at the gantry, marking a N190 drop from the previous price of N1,620 per litre.
Data from OilPrice.com indicated that Brent crude experienced a dramatic reversal on Tuesday, plunging by nearly 27 per cent from the previous day’s high of $119 per barrel to as low as $87 per barrel.
The Dangote Refinery had earlier attributed previous fuel price increases to volatility in global crude markets, particularly tensions linked to the ongoing conflict between the United States and Iran.
