The Dangote Refinery has announced a reduction in its ex-gantry petrol price to N1,200 per litre, down N75 from the previous N1,275 per litre.

The refinery had earlier raised prices from N1,175 per litre on March 13 to N1,245 per litre on March 20, before reaching N1,275 per litre on March 21.

In a statement on Thursday statement, Dangote Refinery also confirmed that its coastal petrol price has fallen to N1,153 per litre.

“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets.

“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets,” the statement reads.

The development comes even as Brent crude rose to $100.54 per barrel on Thursday.

Earlier this week, prices had fallen to $96 per barrel after U.S. President Donald Trump announced a five-day delay on any military strikes against Iranian power plants and energy infrastructure.

On March 13, the International Energy Agency warned that the conflict is causing the largest supply disruption in the history of the global oil market.

The Strait of Hormuz typically carries about 20 per cent of global oil supply.

Iranian state media said on Sunday that Tehran would permit safe passage through the strait for all vessels except those linked to what it described as “Iran’s enemies.”

The Executive Director of the International Energy Agency, Fatih Birolwarned on Monday that the Middle East situation is “very severe,” exceeding the combined impact of the 1970s oil shocks and the Russia-Ukraine war on gas markets.