The Dangote Petroleum Refinery has reduced its petrol gantry price by N25 per litre, lowering the cost from N1,275 to N1,250 per litre in a move linked to declining global crude oil prices.
A senior official of the Dangote Group confirmed the adjustment on Saturday, saying the reduction reflects recent developments in the international oil market.
"We have reduced the petrol price to N1,250 at our gantry. This has to do with the current reduction in global oil prices, though everything is still volatile and requires caution," the official said.
The price cut comes as fuel depot operators continue to adjust prices in response to market conditions.
Industry data showed that Aiteo and NIPCO were selling petrol at N1,272 per litre, while Integrated Energy, Ascon and African Terminal were trading around N1,274 per litre before the latest adjustment.
Analysts say the reduction could influence pricing across the downstream petroleum sector, particularly among marketers sourcing products from the refinery.
Petrol prices in Nigeria have risen sharply in recent months, climbing from about N830 per litre to nearly N1,300 per litre in many locations, driven largely by increases in crude oil prices and market forces.
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