Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price of diesel by N200 per litre, following the arrival of new import shipments by fuel marketers.
The refinery adjusted the price from N1,800 per litre to N1,600 on Wednesday, according to Platts, a global provider of commodities and energy market pricing data.
Confirming the development, Joseph Obele, national public relations officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), said the price reduction took effect on May 26.
The move comes amid an ongoing legal dispute over import licences issued or renewed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to fuel marketers and NNPC.
Obele told TheCable that the price cut is being interpreted as a positive outcome of increased competition in the downstream sector.
“Dangote Refinery recently took legal action after NMDPRA granted five import licences to marketers for the importation of petroleum products,” the PRO said.
“Over the weekend, several of the vessels reportedly arrived, and the refinery reduced the price of AGO commonly known as diesel, by N200. The reduction is from N1,800 to N1,600.”
The adjustment also aligns with a recent decline in global crude oil prices, with Brent crude falling to $95.05 per barrel on Wednesday from $98.04 per barrel the previous day.
Oil prices have fluctuated sharply following geopolitical tensions in the Middle East involving the United States, Israel, and Iran, which disrupted key supply routes through the Strait of Hormuz.
A temporary ceasefire had previously led to a drop in prices after Iran reopened the Strait of Hormuz to commercial shipping, though the decision was later reversed.
Despite continued uncertainty in global energy markets, discussions between the United States and Iran are reportedly ongoing, with US President Donald Trump stating that negotiations are “proceeding in an orderly and constructive manner”.