Dangote Refinery has reduced its ex-depot price of Premium Motor Spirit (petrol) from N1,175 to N1,125 per litre, marking another price adjustment within two weeks.

The spokesperson for Dangote Group, Anthony Chiejina, confirmed the reduction on Thursday.

“It is true our petrol gantry price was reduced by N50 per litre,” he said.

The latest adjustment represents a N50 per litre decrease in the refinery’s gantry price.

The refinery also reduced its coastal supply price from N1,495,215 per metric tonne to N1,428,165 per metric tonne.

The development follows a decline in global crude oil prices, which have fallen to between $69 and $73 per barrel, returning to levels recorded before the recent Middle East tensions.

The refinery had earlier, on June 16, reduced its ex-depot petrol price by N75 per litre, a move that triggered reductions in pump prices across several parts of the country.

With the latest adjustment, Dangote Refinery has cut its petrol price by a total of N125 per litre within two weeks.

Retail petrol prices currently range between N1,241 and N1,305 per litre in Abuja and neighbouring areas.