The Dangote Refinery has reduced its ex-gantry price of petrol by ₦100 per litre, offering some relief to fuel marketers and motorists after recent hikes caused by fluctuations in global oil prices.

According to the refinery’s updated pricing template released on Tuesday, petrol will now be sold at ₦1,075 per litre, down from the previous price of ₦1,175. The company also stated that petrol supplied through coastal distribution channels will be priced at ₦1,050 per litre.

In addition, the refinery announced a reduction in the price of diesel, which has been cut to ₦1,430 per litre from the earlier ₦1,620 per litre, representing a decrease of ₦190.

However, the company noted that the listed gantry prices do not include statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The new adjustment marks the refinery’s first price reduction after three consecutive increases recorded in recent days, reflecting its response to changes in the international crude oil market.

Just a day earlier, the refinery had raised the petrol price to ₦1,175 per litre, up from ₦995 on March 7 and ₦874 on March 2, as global oil prices climbed sharply amid rising tensions in the Middle East.

Industry experts say the latest reduction followed a decline in crude oil prices to about $90 per barrel after the conflict involving the United States, Iran and Israel disrupted energy markets and pushed fuel costs higher in Nigeria.