The Dangote Refinery on Tuesday reduced its ex-gantry price of petrol to ₦1,075 per litre, representing a ₦100 drop from the previous rate of ₦1,175 per litre.

The Dangote Group’s Chief Communications Officer, Mr. Anthony Chiejina, confirmed the development in a telephone interview with Channels Television, adding that petrol supplied through coastal distribution will now sell at ₦1,050 per litre.

The refinery also announced a reduction in the price of diesel to ₦1,430 per litre, representing a ₦190 decrease from the previous price of ₦1,620 per litre.

In a statement issued on Tuesday, the refinery explained that the new prices form part of a revised pricing structure.

“Under the revised pricing structure, the gantry price of PMS has been reduced from ₦1,175 to ₦1,075 (₦100) per litre, while the coastal price has been lowered from ₦1,150 to ₦1,028 (₦122) per litre. The price of diesel has also been reduced from ₦1,620 to ₦1,430 (₦190) per litre,” the statement read.

The refinery said the adjustment reflects the recent decline in global crude oil prices.

“As responsible corporate citizens operating in a high-governance code and ethical environment, we believe it is imperative to reduce the price of our products as a reflection of the decline in global crude oil prices,” it stated.

It further clarified the pricing structure for its crude supply.

“All our crudes are priced on the global benchmark price plus a $3 to $6 additional premium. Our forex is paid at the prevailing market rate of the day, with no subsidy in both crude and forex.

“For the avoidance of doubt, the crude supplied under the Naira-for-Crude arrangement is priced according to the global benchmark price plus a premium, which is then converted to naira using the prevailing market exchange rate.”

The refinery reiterated its commitment to strengthening national energy security while responding to the prevailing economic realities faced by Nigerians.

The latest reduction marks the first price cut after three successive increases that had significantly pushed up the cost of petrol in recent weeks.

On Monday, the refinery raised the price of petrol to ₦1,175 per litre, up from ₦995 per litre on March 7 and ₦874 per litre on March 2.

On March 9, the refinery’s Chief Executive Officer, Mr. David Bird, said the Dangote Refinery was not immune to global oil shocks, noting that it sources its crude based on international benchmarks.

The price reduction comes as crude oil prices dropped to $90 per barrel on Tuesday, the first decline since the outbreak of war in the Middle East.

The conflict involving the United States, Iran, and Israel had earlier pushed global oil prices upward, contributing to a rise in petrol prices in Nigeria.

As the crisis in the crude-rich Middle East entered a second week with little sign of an immediate resolution, United States President Mr. Donald Trump said the campaign was progressing faster than initially expected.

“I think the war is very complete, pretty much. They have no navy, no communications, and they’ve got no air force,” Trump told CBS News during a telephone interview.

“If you look, they have nothing left. There’s nothing left in a military sense,” he added.

Trump told the US broadcaster that the United States was “very far” ahead of his initially stated wartime timeline of four or five weeks.

He later told a news conference in Florida that “it’s going to be ended soon, and if it starts up again, they’ll be hit even harder”.

When asked whether the war could end in days or weeks, he replied: “I think soon. Very soon.”

The US leader also warned of an attack of “incalculable” magnitude if Tehran blocks oil supplies passing through the Strait of Hormuz, a vital maritime route through which about one-fifth of global oil supplies are transported.

His remarks came days after he stated that Iran’s “unconditional surrender” remained the only acceptable outcome for ending the war, a declaration that unsettled global markets concerned about the prospect of a prolonged conflict.