ABUJA — Motorists and fuel marketers may soon heave a sigh of relief as Dangote Petroleum Refinery has reduced its petrol gantry price by N25 per litre, bringing the cost down from N1,275 to N1,250 per litre.
A senior official of the refinery confirmed the development, attributing the price cut to the recent drop in crude oil prices on the international market.
According to the source, the adjustment reflects changing global market conditions, although fluctuations in crude oil prices remain a concern.
“We have reduced the petrol price to N1,250 per litre at our gantry. This is due to the current decline in global oil prices, though the market remains volatile,” the official said.
The latest reduction is expected to put pressure on other depot owners and marketers to review their prices downward, potentially easing the burden on consumers.
Before the adjustment, some depots, including Aiteo and NIPCO, were selling petrol at about N1,272 per litre, while others traded around N1,274 per litre.
Industry observers say the move could trigger fresh competition in the downstream petroleum sector and influence pump prices across the country in the coming days.
Petrol prices have witnessed sharp increases in recent months, rising from about N830 per litre to as high as N1,300 per litre in many parts of Nigeria, largely driven by movements in global crude oil prices.
The reduction by Dangote Refinery is being seen as a positive signal for the market and a possible first step towards moderating fuel costs nationwide.
