Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre, citing easing tensions in the Middle East and the resulting decline in global energy prices.
In a circular issued to fuel marketers on Monday, the refinery announced that the new gantry price had been lowered to ₦1,175 per litre from ₦1,250 per litre.
The company also reduced its coastal price per metric tonne from ₦1,595,790 to ₦1,495,215.
According to the refinery, the revised prices will take effect from midnight on June 16, 2026.
“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 circular stated.
Dangote Refinery added that all outstanding unloaded gantry volumes would be repriced at the new rate.
“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 a.m., 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 statement added.
The latest price cut comes amid improving sentiment in the global oil market following reports of a ceasefire agreement between the United States and Iran and the planned reopening of the Strait of Hormuz, a critical global oil shipping route.
Crude oil prices, which surged above $120 per barrel during the three-month conflict between the two countries, have started to retreat following the easing of hostilities.
In Nigeria, the rise in crude prices had pushed petrol prices from around ₦830 per litre to approximately ₦1,300 per litre, while diesel and aviation fuel also recorded significant increases.
Industry data from Petroleumprice.ng indicated that Dangote Refinery now offers the lowest petrol price in the domestic market, with many marketers selling the product for about ₦1,240 per litre before the latest adjustment.
Analysts expect the reduction to provide some relief to consumers and businesses as fuel costs remain a major driver of transportation and production expenses.
However, a senior official of the refinery noted that while petrol prices could eventually decline to around ₦900 per litre if global oil prices continue to fall, existing stocks of higher-cost crude oil may delay further reductions.
