Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, by N75 per litre following the easing of tensions in the Middle East and a decline in global crude oil prices.
In a circular issued to fuel marketers on Monday, the refinery announced that the gantry price had been reduced from N1,250 to N1,175 per litre.
The company said the decision was driven by improving conditions in the international energy market.
“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.
According to the refinery, the coastal price per metric tonne was also reduced from N1,595,790 to N1,495,215.
The new prices took effect from midnight on June 16, 2026, with the refinery confirming 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 AM, 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.
Industry data from Petroleumprice.ng indicated that Dangote Refinery’s petrol has now become the cheapest available source for marketers, many of whom were selling the product at about N1,240 per litre before the latest adjustment.
The price cut comes amid a significant decline in global oil prices following reports of a ceasefire agreement between the United States and Iran, as well as moves to reopen the Strait of Hormuz, a key global oil shipping route.
Crude oil prices had surged above $120 per barrel during months of hostilities between the two countries, contributing to higher fuel prices worldwide.
In Nigeria, petrol prices climbed from around N830 per litre to nearly N1,300 per litre during the period, while diesel and aviation fuel also recorded sharp increases.
With crude oil prices now retreating, analysts expect further reductions in domestic fuel prices if stability is sustained in the global oil market.
Reports indicate that Brent crude, the global oil benchmark, has continued its downward trend following the peace agreement between Washington and Tehran.
There is growing speculation that petrol prices could fall further in the coming weeks, with some projections suggesting a possible drop to around N900 per litre if crude oil prices remain low.
However, a senior official of the Dangote Refinery cautioned that any further reduction would depend on the refinery’s existing stock of crude oil purchased at significantly higher prices.
The latest adjustment is expected to provide some relief to consumers and businesses struggling with high transportation and energy costs.