Nigeria may be on the verge of fresh relief in fuel costs as Dangote Refinery has slashed the prices of petrol and diesel, following a drop in global crude oil prices below $90 per barrel.
The refinery announced a reduction of ₦100 in the gantry price of petrol, bringing it down to ₦1,075 per litre from ₦1,175, according to its latest pricing template issued on March 10.
The price for coastal supply was fixed at ₦1,050 per litre, reflecting additional maritime distribution expenses.
Diesel prices also witnessed a significant adjustment, dropping by ₦190 to ₦1,430 per litre at the gantry from the previous ₦1,620 per litre.
Dangote Refinery clarified that the quoted gantry prices exclude regulatory fees charged by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The latest price cut comes amid developments in the global oil market, where crude prices plunged sharply on Tuesday as investors reacted to signals from United States President Donald Trump suggesting a possible de-escalation of tensions between the United States and Iran.
Trump had earlier indicated on Monday that the conflict with Iran could end “very soon,” a statement that helped calm fears of disruptions to global oil supply.
Partial recovery
Oil prices, which had climbed above $100 per barrel earlier in the week, dropped by as much as 10 percent on Tuesday before partially recovering.
The shift in the global market has raised hopes that fuel prices in Nigeria could fall further in the coming weeks, particularly as local refining capacity improves.
Before the adjustment, petrol prices had surged to over ₦1,300 per litre at retail outlets in several parts of the country, while diesel sold for as high as ₦1,700 per litre, worsening the cost of living and pushing transportation fares upward.
For months, Nigerians have grappled with intermittent fuel price hikes that have strained household budgets and increased the cost of goods and services nationwide.
Industry stakeholders say the current decline in global oil prices could translate into further reductions locally.
