The Dangote Refinery has reduced its petrol gantry price by N100, cutting it from N1,175 to N1,075 per litre, in response to the outcry that has trailed the increase in prices from below N1,000.
The move by the oil firm followed a slump in global oil prices, with Brent crude dropping to $89 per barrel from over $100.
The drop in fuel, diesel and other product prices was disclosed on Tuesday to newsmen as motorists raised concern over the Dangote refinery’s increase in prices.
Officials of the refinery confirmed the development to our correspondent, adding that diesel prices have also been reduced.
They stated that petrol supplied via coastal distribution channels will now sell for N1,050 per litre, reflecting a slight differential for marine logistics.
Similarly, diesel is now N1,430 per litre at the gantry, representing a N190 reduction from the earlier price of N1,620 per litre.
Brent crude prices, according to reports, witnessed a dramatic reversal on Tuesday, plunging nearly 27 per cent from the previous day’s high of $119 per barrel to as low as $87 per barrel.
The Dangote Refinery reportedly blamed global crude volatility for the repeated price hikes, citing tensions arising from the US-Iran conflict.
