The Dangote Refinery has reduced its petrol price to N1,200 per litre, following a drop in global crude oil prices.
The move offers some relief to Nigerian consumers struggling with rising living costs.
The price cut comes after weeks of volatility in the downstream sector. Earlier increases in crude oil prices had pushed petrol costs higher across the country.
Now, with global prices trending downward, the refinery has adjusted its pricing to reflect the change.
Industry analysts say the development highlights the strong link between global oil prices and Nigeria’s deregulated fuel market. When crude prices fall, refiners often lower pump prices.
However, consumers may not see an immediate drop at filling stations. Many marketers still sell fuel bought at higher rates.
As a result, it may take time for the new price to reflect nationwide.
For now, stakeholders are watching the trend closely. They hope that continued declines in crude oil prices will lead to further reductions in petrol prices.
