Dangote Refinery Cuts Petrol Ex-Depot Price by N50 as Global Oil Prices Retreat

Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, by N50 per litre, citing easing geopolitical tensions in the Middle East and the resulting decline in global crude oil prices.

The new gantry loading price has been reduced from N1,175 per litre to N1,125 per litre, according to a notice issued to customers. The refinery also lowered its coastal supply price from N1,495,215 per metric tonne to N1,428,165 per metric tonne.

The revised prices took effect from 12:00 a.m. on 25 June 2026, with the refinery stating that all outstanding unloaded gantry volumes would be repriced at the new rate.

The latest adjustment comes as international oil prices weakened following signs of easing tensions in the Middle East, reducing concerns over potential disruptions to global crude supplies. At about 7:45 a.m. (WAT), Brent crude traded at $72.51 per barrel, down 1.67 per cent, while West Texas Intermediate (WTI) crude fell 1.32 per cent to $69.41 per barrel.

Lower Depot Price could ease Pump Prices

The reduction is expected to put downward pressure on petrol prices across Nigeria's downstream market as fuel marketers adjust their retail prices in line with the refinery's lower loading cost.

Since commencing large-scale supply to the domestic market, Dangote Refinery has become a major price setter in Nigeria's deregulated downstream petroleum sector, with changes in its ex-depot prices often influencing pump prices nationwide.

The refinery said it remains committed to ensuring reliable product supply and efficient service delivery to customers as market conditions continue to evolve.