Dangote Petroleum Refinery & Petrochemicals has reduced the gantry price of diesel by N200 per litre, amid reports of fresh petroleum product imports into Nigeria.<\/p>\n\n\n\n
According to Platts, an independent provider of commodity and energy market information, the refinery reduced the price from \u20a61,800 per litre to \u20a61,600 per litre on Wednesday.<\/p>\n\n\n\n
Joseph Obele, National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed the reduction and said it took effect on 26 May.<\/p>\n\n\n\n
The development comes amid an ongoing legal dispute over import licences issued or renewed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to fuel marketers and the Nigerian National Petroleum Company (NNPC).<\/p>\n\n\n\n
Speaking to TheCable, Obele said the price adjustment reflected growing competition within Nigeria\u2019s downstream petroleum sector.<\/p>\n\n\n\n
\u201cDangote Refinery recently took legal action after NMDPRA granted five import licences to marketers for the importation of petroleum products,\u201d he said.<\/p>\n\n\n\n
\u201cOver the weekend, several of the vessels reportedly arrived, and the refinery reduced the price of AGO, commonly known as diesel, by \u20a6200. The reduction is from \u20a61,800 to \u20a61,600.\u201d<\/p>\n\n\n\n
The price reduction also coincides with a decline in international crude oil prices. Brent crude, the global benchmark, fell to $95.05 per barrel on Wednesday from $98.04 per barrel a day earlier.<\/p>\n\n\n\n
Global oil markets have experienced significant volatility since the outbreak of conflict involving the United States, Israel and Iran on 28 February.<\/p>\n\n\n\n
The crisis disrupted supply routes through the Strait of Hormuz, a key corridor for global oil shipments, which remained closed for several weeks during the conflict.<\/p>\n\n\n\n
A temporary ceasefire agreement prompted Iran to reopen the waterway to commercial traffic, contributing to a sharp decline in oil prices of about nine per cent to $89.84 per barrel. However, the decision was reversed less than 24 hours later.<\/p>\n\n\n\n
Although the United Arab Emirates announced on 28 April that it would leave the Organisation of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ alliance after nearly six decades of membership, tensions in the Middle East continue to influence global oil market stability.<\/p>\n\n\n\n
On 25 May, United States President Donald Trump said in a post on Truth Social that negotiations between Washington and Tehran were \u201cproceeding in an orderly and constructive manner\u201d.<\/p>\n\n\n\n
He added that both sides needed to take their time to reach a lasting agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"
Dangote Petroleum Refinery & Petrochemicals has reduced the gantry price of diesel by N200 per litre, amid reports of fresh petroleum product imports into Nigeria. According to Platts, an independent provider of commodity and energy market information, the refinery reduced the price from \u20a61,800 per litre to \u20a61,600 per litre on Wednesday. Joseph Obele, National […]<\/p>\n","protected":false},"author":1,"featured_media":143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,37,2,23],"tags":[134,192],"class_list":["post-142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-energy-oil","category-news","category-top-stories","tag-nigeria","tag-oil-and-gas"],"_links":{"self":[{"href":"https:\/\/www.thetimesnigeria.com\/index.php?rest_route=\/wp\/v2\/posts\/142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetimesnigeria.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetimesnigeria.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetimesnigeria.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetimesnigeria.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=142"}],"version-history":[{"count":1,"href":"https:\/\/www.thetimesnigeria.com\/index.php?rest_route=\/wp\/v2\/posts\/142\/revisions"}],"predecessor-version":[{"id":144,"href":"https:\/\/www.thetimesnigeria.com\/index.php?rest_route=\/wp\/v2\/posts\/142\/revisions\/144"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thetimesnigeria.com\/index.php?rest_route=\/wp\/v2\/media\/143"}],"wp:attachment":[{"href":"https:\/\/www.thetimesnigeria.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetimesnigeria.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetimesnigeria.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}