Yemisi Izuora
The Dangote Petroleum Refinery & Petrochemicals has reviewed its gantry price for petrol to N1,200 per litre, while also adjusted its coastal price at N1,153 per litre.
Dangote Group spokesman Anthony Chiejina, explained that the price adjustment represents a downward review in the refinery’s pricing template and comes amid heightened uncertainty in the global oil market driven by geopolitical tensions in the Middle East.
This is also expected to reshape fuel supply costs across Nigeria’s downstream distribution chain.
“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets.
“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets,” Chiejina said.
With the new N1,200 per litre rate, petroleum marketers are expected to respond by also adjusting their landing costs, especially those sourcing the products from the local market.
Similarly, the coastal price of N1,153 per litre is expected to affect marine deliveries to coastal depots, providing an alternative supply route for distributors operating in southern corridors.
Recall that the Dangote refinery increased petrol prices several times since the US-Iran war started on February 28. From N840 per litre before the war, pump prices rose to an average of N1,300 as of Thursday. The latest reduction from N1,275 to N1,200 is expected to reduce pump prices marginally below N1,300.