The Dangote refinery has reduced the ex-gantry price of its petrol to N1,175 per litre.
Sources at the refinery told TheCable that the facility increased the price by N100 on Friday, up from the previous rate of N1,075 per litre.
Two days earlier, the refinery reduced the price of the product to N1,075 per litre following a drop in global oil prices.
The plant had increased its petrol price to N1,175 per litre on March 9 — rising from N995 per litre on March 7 and N874 per litre on March 2.
The latest price adjustment coincided with a recovery in international oil prices, which reached $100 per barrel on Thursday.
The International Energy Agency (IEA), on Thursday, said the conflict in the Middle East has triggered the largest supply disruption in the history of the global oil market.
The agency noted that shipments of crude and refined oil products through the Strait of Hormuz have dropped sharply, declining from about 20 million barrels per day (bpd) before the conflict to only minimal volumes in recent days.
According to the IEA, its member countries unanimously agreed on March 11 to release 400 million barrels of oil from their emergency reserves to the market in order to address supply disruptions caused by the conflict in the region.