Dangote Refinery has slashed petrol price amid falling global oil prices.
NewsOnline Nigeria reports that Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre, bringing the ex-depot price down from ₦1,250 to ₦1,175 per litre.
The refinery disclosed the development in a circular issued to fuel marketers on Monday, attributing the price adjustment to the easing of tensions in the Middle East, which had driven up global energy prices over the past three months.
According to the circular, the refinery also reduced its coastal price per metric tonne from ₦1,595,790 to ₦1,495,215.
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“Following the de-escalation of tensions in the Middle East, which has impacted energy prices, we wish to inform you that we have reviewed our Premium Motor Spirit gantry/coastal price,” the refinery stated.
The new pricing structure is scheduled to take effect from midnight.
Dangote Refinery further noted that all outstanding unloaded gantry volumes would be repriced at the new rate effective 12:00 a.m. on June 16, 2026.
“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the company added.
The latest adjustment positions Dangote Refinery as one of the cheapest suppliers of petrol in the country. According to Petroleumprice.ng, many marketers were still selling Dangote-sourced petrol at around ₦1,240 per litre on Monday before the price review.
The reduction follows a significant decline in global crude oil prices after reports of a ceasefire agreement between the United States and Iran and moves to reopen the strategically important Strait of Hormuz.
Crude oil prices had surged above $120 per barrel during the three-month conflict between the two countries, resulting in higher fuel prices worldwide. In Nigeria, petrol prices rose from about ₦830 per litre to nearly ₦1,300 per litre during the period, while diesel and aviation fuel also recorded sharp increases.
However, with oil prices now trending downward following the peace agreement, expectations are growing that domestic fuel prices could continue to decline.
Industry observers have suggested that petrol prices could fall further, potentially approaching ₦900 per litre if the ceasefire holds and crude oil prices remain stable.
A senior official of Dangote Refinery had earlier indicated that further reductions are possible but noted that the refinery still has stocks of crude purchased at higher prices, which could slow the pace of additional price cuts.
The latest move is expected to provide some relief to consumers and businesses grappling with the impact of elevated fuel costs and inflationary pressures across the economy.
