By: Lauretta Fagbohun, Abeokuta.

Nigeria’s largest private refinery, the Dangote Refinery, has reduced its petrol gantry price by N100, bringing the cost down from N1,175 to N1,075 per litre following a significant decline in global crude oil prices.

The price adjustment is expected to offer some relief to Nigerians who have been struggling with rising fuel costs in recent months.

The reduction comes after a sharp drop in the price of Brent crude, which fell by nearly 27 per cent from a previous high of about $119 per barrel to around $87 per barrel in the global market.

In addition to petrol, the refinery also lowered the price of diesel to N1,430 per litre from N1,620 per litre.

Officials at the refinery said petrol supplied through coastal distribution channels would now sell at N1,050 per litre, reflecting a slightly lower price due to differences in marine logistics.

The refinery had earlier attributed previous fuel price increases to volatility in the global crude oil market, particularly tensions linked to the ongoing conflict between the United States and Iran.

However, with the current downturn in oil prices, the company said it was able to pass on the benefits to consumers.

Economic observers believe the price cut could ease pressure on businesses and households by lowering transportation and production costs, which may eventually translate to reduced prices for goods and services.

Meanwhile, the Nigerian National Petroleum Company Limited has yet to announce any adjustment to its petrol prices, although industry watchers expect the state oil firm to respond to the development.

The latest price reduction has triggered reactions across social media, with many Nigerians welcoming the move while urging further cuts to make fuel more affordable. Some citizens also questioned why similar reductions had not been implemented earlier.

Analysts say the development could signal a positive shift in the downstream petroleum sector if global oil prices remain stable.