The Dangote refinery has reduced its ex-gantry petrol price to ₦1,075 per litre, marking the first price cut after three successive hikes.
The reduction represents a ₦100 drop from the previous rate of ₦1,175 per litre. Petrol supplied through coastal distribution will now sell at ₦1,050 per litre.
The price of diesel has also been reduced to ₦1,430 per litre, a ₦190 drop from the prior price of ₦1,620 per litre.
The price cut comes as crude oil prices dropped to $90 a barrel, the first decline since the Middle East war began.
However, oil marketers warn that petrol prices may continue to rise, potentially reaching ₦1,500 per litre, due to ongoing tensions in the region.
