Dangote Refinery Cuts Petrol Price by N100 Amid Oil Slump

On Tuesday, Dangote Refinery announced a reduction in its petrol price by N100, bringing it down to N1,075 per liter. This decision follows a notable decline in global oil prices, with Brent crude dropping from a previous high of $119 per barrel to around $87 per barrel, marking a nearly 27% decrease.

The official refinery confirmed this development, stating that diesel prices have also been reduced, with petrol supplied via coastal distribution channels now priced at N1,050 per liter. Diesel will be sold at N1,430 per liter, reflecting a N190 reduction from the earlier price of N1,620 per liter.

The refinery attributed the price adjustments to the volatility in global crude prices, which have been influenced by ongoing tensions related to the US-Iran conflict.