Dangote Refinery has reduced its petrol gantry price by N35 per litre, bringing the new rate to N1,215 from N1,250.
The adjustment represents a downward revision of about 2.8 per cent and could lead to lower petrol prices at filling stations across the country.
A market survey by DAILY POST confirmed the new price, while the Chief Executive of Petroleumprice.ng, Olatide Jeremiah, also verified the development.
Jeremiah explained that the revised rate was communicated through consortium marketers, adding that independent depot operators were currently selling petrol between N1,255 and N1,300 per litre.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, welcomed the reduction, describing it as a positive development for consumers.
He said the adjustment would be beneficial to Nigerians, particularly amid the high cost of petrol.
The latest price cut comes after several weeks of elevated fuel prices, with retail petrol rates across Nigerian filling stations currently ranging from N1,370 to N1,429 per litre.
Following the refinery’s decision, pump prices are expected to adjust downwards from Monday as marketers begin to reflect the new gantry rate.
Meanwhile, international crude oil prices remained relatively high at the time of reporting, with West Texas Intermediate trading at $104 per barrel and Brent crude at $113 per barrel.
