DANGOTE Petroleum Refinery and Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre.
The company disclosed this in a statement by its spokesperson, Anthony Chijiena, on Thursday, March 26.
The 650,000 per day refinery dropped its petrol by N85 to N1,200 per litre from N1,285 per litre.
The latest fuel price drop comes after at least five petrol price hikes carried out by the refinery since the beginning of March amid ongoing tensions in the Middle East.
The ICIR reports that the adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets.
The ICIR further reports that most filling station retail outlets across the Federal Capital Territory (FCT) are yet to adjust their prices and are still selling around N1,370 per litre as of Friday morning.
Analysts say petrol price volatility would continue, with the current US-Iran conflict disrupting global oil and gas supply chains, in addition to the petrol subsidy removal by the Federal Government.
“Nigeria is strongly connected to the global oil and gas market, and we shall continue to see these price adjustments till the end of the US-Iran war,” an economist, Kingsley Obiakor, said.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.