Dangote Petroleum Refinery and Petrochemicals has cut its gantry price for diesel by N200 per litre, reducing it from N1,800 to N1,600.
The adjustment took effect on May 26, according to Platts, which provides benchmark pricing for commodities and energy markets. Joseph Obele, national public relations officer of the Petroleum Products Retail Outlets Owners Association of Nigeria, confirmed the change.
The price reduction comes as new shipments imported by marketers arrive in the country. It also follows a legal dispute over import licences issued or renewed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority to fuel marketers and NNPC.
Obele said the cut reflects the impact of increased competition in the downstream petroleum sector. He noted that Dangote Refinery had taken legal action after NMDPRA granted five import licences to marketers. Several vessels arrived over the weekend, after which the refinery lowered the price of automotive gas oil, commonly known as diesel.
The adjustment also coincides with a decline in global oil prices. Brent crude fell to $95.05 per barrel on May 27, down from $98.04 the previous day. Markets have remained volatile since tensions in the Middle East disrupted supply routes through the Strait of Hormuz earlier this year.
