Nigeria’s Dangote Petroleum Refinery has reduced the gantry price of petrol by N100 per litre and diesel by N190 per litre after a decline in global crude oil prices.
According to a report by The Punch, the refinery is now selling petrol at N1,075 per litre, down from N1,175, while the price of diesel has been lowered to N1,430 per litre from the previous N1,620 per litre.
The price adjustment follows a sharp drop in international oil prices, with Brent crude falling to around 89 dollars per barrel after trading above 100 dollars per barrel earlier in the week.
The Punch cited refinery officials as confirming the development.
Meanwhile, data reported by Oilprice.com showed that Brent crude experienced a significant decline on Tuesday, dropping by nearly 27 percent from the previous day’s peak of 119 dollars per barrel to about 87 dollars per barrel.
Earlier price increases by the Dangote Refinery had been attributed to volatility in global crude markets, particularly tensions linked to the conflict involving the United States and Iran.