The Dangote Petroleum Refinery has announced a reduction in its ex-gantry price of petrol to N1,075 per litre, marking the first decrease after three consecutive price increases that had pushed the cost of the product higher in recent weeks.

Details contained in the refinery’s updated pricing template released on Tuesday showed that the new rate reflects a N100 drop from the previous price of N1,175 per litre. The company also indicated that petrol distributed through coastal channels will now be sold at N1,050 per litre.

Diesel prices were also adjusted downward. The product will now sell for N1,430 per litre, representing a N190 reduction from the earlier price of N1,620 per litre. The adjustment is expected to provide some relief for consumers and businesses that rely heavily on diesel for operations.

The refinery clarified that the stated gantry prices do not include statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The latest adjustment follows a series of increases recorded in recent days. On Monday, the refinery raised the petrol price to N1,175 per litre, up from N995 per litre on March 7 and N874 per litre on March 2. The upward trend had been linked to rising global crude oil prices driven by tensions involving the United States, Iran, and Israel.

However, Tuesday’s price reduction coincided with a dip in the international oil market, where crude prices dropped to about $90 per barrel, the first significant decline since the outbreak of the Middle East conflict. The drop appears to have created room for the refinery to lower its prices.

Earlier, the refinery’s Chief Executive Officer, David Bird, had stated on March 9 that the facility remains exposed to fluctuations in global oil prices because it sources crude based on international benchmarks. He noted that the refinery’s pricing structure would continue to reflect changes in the global energy market.