Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, also known as petrol, by ₦75 per litre, following the easing of tensions in the Middle East and the resulting drop in global energy prices.
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The refinery announced the adjustment in a circular sent to fuel marketers on Monday, stating that the new rates would take effect from midnight on June 16, 2026.
According to the circular, the gantry price of petrol has been reduced from ₦1,250 per litre to ₦1,175 per litre, while the coastal price per metric tonne has been cut from ₦1,595,790 to ₦1,495,215.
“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.
The refinery also informed marketers that all outstanding unloaded gantry volumes would be repriced at the new rate from midnight.
“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 circular added.
The latest reduction comes amid easing pressure in the global oil market following reported negotiations between the United States and Iran over the reopening of the Strait of Hormuz.
Crude oil prices had surged in recent months after hostilities between the United States and Iran escalated, pushing the cost of fuel production higher across several markets.
During the period, crude prices reportedly climbed above $120 per barrel, triggering increases in petrol, diesel and aviation fuel prices.
In Nigeria, petrol prices rose from about ₦830 per litre to around ₦1,300 per litre, while diesel and aviation fuel also recorded significant increases.
However, with crude prices now retreating, Dangote Refinery’s price adjustment is expected to bring some relief to domestic fuel prices.
According to petroleum market sources, Dangote Refinery’s new gantry price makes it one of the cheapest petrol supply sources, as many marketers reportedly sold petrol at around ₦1,240 per litre on Monday.
Oil prices continued to decline after reports of a ceasefire agreement between the United States and Iran and moves toward the partial reopening of the Strait of Hormuz.
There are also expectations that petrol prices may fall further in the coming days if the peace deal fully holds and global crude prices continue to drop.
A Dangote Refinery official was quoted as saying petrol could fall to about ₦900 per litre, but cautioned that the refinery still had expensive crude already purchased and stored in its tanks.
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