Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, popularly known as petrol, by N75 per litre following a decline in global oil prices triggered by easing tensions in the Middle East.
The refinery announced the price reduction in a circular issued to fuel marketers on Monday, stating that the gantry price had been lowered from N1,250 per litre to N1,175 per litre.
It also reduced the coastal price per metric tonne from N1,595,790 to N1,495,215, with the new rates taking effect from midnight on June 16.
According to the refinery, the adjustment was necessitated by the de-escalation of hostilities in the Middle East, which had contributed to a surge in energy prices over the past three months.
The company said all outstanding unloaded gantry volumes would be repriced at the new rate and reaffirmed its commitment to reliable product supply.
The reduction comes as crude oil prices continue to decline following a ceasefire agreement between the United States and Iran and the partial reopening of the Strait of Hormuz, a major global oil shipping route.
Crude prices had risen sharply during the three-month conflict, climbing above $120 per barrel and pushing up fuel prices across several countries, including Nigeria.
In Nigeria, petrol prices increased from about N830 per litre to nearly N1,300 per litre during the period, while diesel and aviation fuel prices also rose significantly.
Industry stakeholders say the latest adjustment by the Dangote refinery could pave the way for further reductions in domestic fuel prices if the downward trend in crude oil prices is sustained.
Market analysts also note that continued stability in the global oil market could bring additional relief to consumers and businesses grappling with high energy costs.
