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The Digest:

The Dangote Petroleum Refinery has reduced its ex-gantry petrol price from N1,275 to N1,200 per litre, a decrease of N75. The refinery also lowered its coastal price to N1,153 per litre. The price cut comes despite a rise in global crude oil prices, with Brent crude reaching $100.54 per barrel on Thursday. The adjustment follows a series of price hikes earlier in March and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets.

Key Points:
  • The price reduction marks a reversal after three consecutive increases in March, which saw petrol rise from N1,175 to N1,275.
  • The cut comes amid ongoing Middle East tensions that have kept global oil prices elevated.
  • Coastal price now stands at N1,153 per litre, offering potential relief for regions with port access.
  • The adjustment is expected to impact fuel costs at depots and retail outlets across the country.
  • The reduction follows President Trump's postponement of military strikes on Iran, which briefly sent oil prices below $100 earlier in the week


As the Dangote refinery lowers petrol prices despite global crude volatility, Nigerian consumers may see some relief at the pump, though the sustainability of the reduction will depend on continued supply stability and global market conditions.

Sources: TheCable