The Dangote Petroleum Refinery on Tuesday reduced the gantry price of Premium Motor Spirit (petrol) by N100, bringing the price down from N1,175 to N1,075 per litre.

Officials of the refinery confirmed the development, attributing the price cut to a sharp drop in global crude oil prices.

The adjustment followed a slump in the international oil market, with Brent crude falling to about $89 per barrel after trading above $100 the previous day.

According to the refinery, petrol supplied through coastal distribution channels will now sell for N1,050 per litre, reflecting a slight price difference to account for marine logistics.

The refinery also announced a reduction in the price of Automotive Gas Oil (diesel).

Diesel is now selling at N1,430 per litre at the gantry, representing a N190 decrease from the previous price of N1,620 per litre.

Market data from Oilprice.com showed that Brent crude prices recorded a sharp reversal on Tuesday, dropping nearly 27 per cent from a previous high of $119 per barrel to around $87 per barrel.

The Dangote Refinery had earlier attributed recent fuel price adjustments to volatility in global crude markets, particularly tensions linked to the United States–Iran conflict, which disrupted supply and pushed oil prices higher in recent days.