The Dangote Refinery has reduced its petrol gantry price by N100, lowering the cost from N1,175 to N1,075 per litre.
The price adjustment, which took effect on Tuesday, followed a decline in global crude oil prices.
Officials of the refinery confirmed the development, noting that diesel prices were also reduced.
According to the officials, petrol supplied through coastal distribution channels will now sell for N1,050 per litre, reflecting a slight variation to account for marine logistics.
They added that the price of diesel at the gantry has also been reduced to N1,430 per litre, representing a N190 decrease from the previous price of N1,620 per litre.
Industry data shows that the drop in prices comes amid a slump in global crude oil benchmarks. Reports indicate that Brent crude fell sharply, declining from above $100 per barrel to about $89 per barrel.
Market analysts say fluctuations in crude oil prices continue to influence refined petroleum product prices in Nigeria and other oil-importing countries.
The refinery had earlier attributed previous adjustments in petrol prices to volatility in the international crude market, particularly tensions linked to the conflict between the United States and Iran.
Industry stakeholders said the latest reduction may ease pressure on fuel consumers and transport operators if the trend in global oil prices persists.
