Dangote Petroleum Refinery and Petrochemicals has reduced its gantry price of diesel by N200 per litre, from N1,800 to N1,600 on Wednesday, as importers reportedly receive new shipments. Confirming the reduction, the national public relations officer of the Petroleum Products Retail Outlets Owners Association of Nigeria, Joseph Obele, said the diesel price was reduced on May 26.
In an interview with TheCable, Obele said the latest price cut is widely seen as a positive impact of increased competition in the downstream petroleum sector, especially after Dangote Refinery recently took legal action after the Nigerian Midstream and Downstream Petroleum Regulatory Authority granted five import licences to marketers for the importation of petroleum products.
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The downward adjustment also comes amid a drop in the global oil market, with Brent crude, the international oil benchmark, falling to $95.05 per barrel on Wednesday after closing at $98.04 per barrel a day earlier. Oil prices have experienced sharp fluctuations since the outbreak of conflict in the Middle East on February 28 involving the United States, Israel, and Iran, with the crisis disrupting supply routes, particularly through the Strait of Hormuz.
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