Africa’s largest petroleum refinery, the Dangote Refinery, has cut the gantry price of petrol by N100 per litre and diesel by N190 per litre, citing a slump in global crude oil prices.
According to a report by The Punch, the refinery is now selling petrol at N1,075 per litre, down from N1,175, while diesel is now priced at N1,430 per litre, reduced from the earlier price of N1,620 per litre.
The move follows a decline in global oil prices, with Brent Crude dropping to around $89 per barrel from over $100 per barrel on Monday.
The Punch reported the latest development, citing officials of the refinery.
According to Oilprice.com, Brent crude prices witnessed a dramatic reversal on Tuesday, plunging nearly 27 percent from the previous day’s high of $119 per barrel to as low as $87 per barrel.
The Dangote Refinery reportedly attributed the earlier price hikes to volatility in global crude markets, citing tensions arising from the U.S.–Iran conflict.
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