The Dangote refinery claims it has dropped the ex-gantry fuel price to N1,200 per litre.

The price cut is a N75 decrease from the previous cost of N1,275 per litre.

The refinery raised its petrol price from N1,175 per litre on March 13 to N1,245 per litre on March 20—and then to N1,275 per litre on March 21.

In a statement issued on Thursday, the refinery said its coastline pricing had also decreased 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 statement reads.

“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 outcome comes despite a surge in Brent crude oil, the worldwide standard, which hit $100.54 per barrel on Thursday.

Oil prices fell to $96 a barrel on Monday after US President Donald Trump said he would postpone any military strikes against Iranian power plants and energy infrastructure for five days.

On March 13, the International Energy Agency (IEA) stated that the battle is causing the greatest supply interruption in the history of the global oil market.

What this means: The price cut is notable given rising global crude prices, suggesting the refinery is absorbing some market pressure rather than passing it entirely to consumers. But with Dangote’s pricing moving four times in under two weeks, the bigger concern is whether the reduction will actually reach pump prices or get absorbed somewhere along the distribution chain before ordinary Nigerians feel any difference.