Dangote Refinery has reversed its recent increase in petrol prices, lowering the ex-gantry rate by ₦75 to ₦1,200 per litre.
The company had earlier adjusted the price upward to about ₦1,275 per litre, attributing the hike to pressures in the global oil market.
The price cut comes on the heels of a significant decline in international crude oil prices.
Brent crude dropped to $95.05, reflecting a decrease of about 13 per cent, while WTI crude settled at $97.18, marking a nearly 14 per cent fall.
Market analysts link the downturn to an announcement by Donald Trump regarding a conditional two-week ceasefire with Iran, which has helped ease concerns about potential disruptions to oil supply.
Sources within the industry suggest that the price of Automotive Gas Oil (diesel) could also be reduced, although no official statement has been issued to confirm this development.
Fuel marketers are expected to begin adjusting pump prices in response to the lower ex-gantry rate as it gradually impacts the supply chain.
Observers say the development offers some relief to motorists and transport operators, particularly against the backdrop of ongoing fluctuations in Nigeria’s downstream petroleum sector.
