The Dangote Petroleum Refinery has reduced the price of petrol at its gantry from N1,350 to N1,325 per litre, following a decline in international crude oil prices.

The N25 reduction was recorded on Monday at the 700,000-barrel-per-day refinery and could lead to lower petrol prices at filling stations if the reduction is reflected across the downstream market.

The adjustment came as crude oil prices fell by more than three per cent. Brent crude was trading at about $100.50 per barrel, while US West Texas Intermediate stood at $92.43 per barrel at the time of the report.

The latest reduction reverses part of the price increases recorded in the Nigerian fuel market over the past two weeks, when crude prices climbed above $104 per barrel.

The movement in crude prices is closely linked to the cost of refined petroleum products, with lower crude prices creating room for refiners to reduce their selling prices.

The Dangote refinery’s latest adjustment is therefore expected to increase pressure on other fuel suppliers and could influence pump prices across the country.