Automotive Gas Oil (diesel) and Aviation Turbine Kerosene (jet fuel) gantry prices have been reduced by the Dangote Petroleum Refinery.

The Dangote refinery lowered the price of diesel gantry by N100, from N1,700 per litre to N1,600 per litre, or 5.9%, according to data from Petroleumprice.ng. Additionally, the price of jet fuel was reduced by N100, from N1,550 to N1,450 per litre.

This is just hours after the refinery declared that the price of gasoline fuel would drop by N75, from N1,250 to N1,175 per litre.

The decrease was associated with the decline in oil prices once the Middle East conflict subsided.

Private depot operators have reportedly begun cutting rates in an effort to compete with the Dangote refinery.

Rainoil changed the price of jet fuel from N1,553 to N1,550 per litre on Monday, according to Petroleumprice.ng. Similarly, the average closing price of fuel at the African Terminal, Sahara, Ibeto, and Duport depots in Lagos on Tuesday was N1,660 per litre.

For the first time in over three months, oil prices dropped below $80 per barrel on Tuesday, continuing their downward trajectory.

The worldwide standard, Brent crude, dropped from $83 per barrel on Monday to $78 on Tuesday, according to Oilprice.com data.

Now, the price of Brent is far less than the $120 per barrel peak it reached during the battle. The Brent price was less than $70 prior to the start of the war on February 28. It traded at roughly $120 per barrel during the crisis, which caused fuel costs to rise sharply worldwide.

Given the most recent developments between the US and Iran, it is anticipated that this tendency will now reverse.

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