Dangote Petroleum Refinery has reduced its ex-depot (gantry) price of Premium Motor Spirit (petrol) by N75 per litre, citing the easing of tensions in the Middle East and the resulting decline in global energy prices.

In a circular issued to fuel marketers on Monday, the refinery announced that the gantry price had been reduced from N1,250 to N1,175 per litre, while the coastal price per metric tonne dropped from N1,595,790 to N1,495,215.

The refinery said the new prices took effect from midnight, adding that all outstanding unloaded gantry volumes would be repriced accordingly.

According to the company, the review followed the de-escalation of hostilities in the Middle East, which had driven up crude oil and fuel prices over the past three months.

The latest adjustment comes as global crude oil prices continue to decline following reports of a ceasefire agreement and ongoing negotiations between the United States and Iran aimed at reopening the Strait of Hormuz.

During the conflict, crude oil prices rose above 120 dollars per barrel, pushing petrol prices in Nigeria from about N830 per litre to around N1,300 per litre.

With oil prices now retreating, industry observers expect the reduction by the Dangote refinery to trigger further cuts in domestic petrol prices.

The refinery also assured marketers of uninterrupted product supply and reiterated its commitment to reliable service delivery.