Dangote Refinery Reduces Diesel Gantry Price by N200 Amid Fresh Fuel Imports
Dangote Petroleum Refinery and Petrochemicals has reduced the ex-depot price of diesel by N200 per litre following reports of fresh fuel imports by marketers into the country.
The refinery lowered the gantry price of automotive gas oil, popularly known as diesel, from N1,800 per litre to N1,600 per litre on Wednesday, according to energy market data provider Platts.
The National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria, Joseph Obele, confirmed the development, saying the adjustment took effect on May 26.
Obele said the reduction reflects increasing competition within the downstream petroleum industry following the arrival of imported petroleum products into Nigeria.
According to him, the latest development followed the issuance and renewal of import licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority to fuel marketers and the Nigerian National Petroleum Company Limited.
He noted that several fuel cargoes reportedly arrived over the weekend, adding that the increased supply may have influenced the refinery’s decision to cut prices.
The price reduction also coincided with a decline in global crude oil prices. Brent crude, the international benchmark, fell to $95.05 per barrel on Wednesday from $98.04 recorded a day earlier.
Global oil prices have remained unstable in recent months due to tensions in the Middle East involving the United States, Israel and Iran.
The conflict disrupted major oil supply routes, particularly the Strait of Hormuz, a key channel for global crude shipments, which was temporarily affected during the crisis.
Oil prices had earlier dropped after reports of a ceasefire and the reopening of the Strait of Hormuz to commercial traffic, although the development was later reversed.
Market analysts continue to monitor the impact of ongoing diplomatic talks between the United States and Iran, as well as recent developments within the Organisation of the Petroleum Exporting Countries and its allies, on global energy prices.
