Despite the reduction of Dangote Petroleum Refinery gantry price of petrol by N100 per litre to N1, 075 per litre, due to the drop in crude oil price to $88 per barrel from $110 per barrel in the global market, oil marketers are yet to reduce price at filling stations.
The ongoing war involving the United States, Iran and Israel, led to a shutdown of oil installations and blockade of the Strait of Hormuz, culminating in reduced oil supply to the international market.
Vanguard gathered yesterday that oil price started dropping following President Donald Trump’s declaration that the war would end soon, assuaging fears of extended disruptions to global oil supply.
The checks indicated that Brent crude, the global oil benchmark, dipped by more than 8.45 per cent to $92 a barrel from $110 per barrel, indicating a decrease of 16.4 per cent,
This was also after ministers of European countries met to examine the release of oil reserves as part of measures to tame the price upswings seen recently in the global market.
However, petrol retail outlets in Abuja, the nation’s capital, yesterday reduced their pump price by N100 per litre, following a similar reduction by Dangote Refinery a day earlier.
Checks by Vanguard showed that NNPC Retail outlets, which dispensed at N1,265 per litre, dropped their rate to N1,161 per litre. AA Rano and AYM Sharfa also reduced their prices to N1,230 from N1,330 on Tuesday.
