Dangote Refinery Cuts Petrol Gantry Price by N75 per Litre Amid Easing Global Oil Market

Dangote Petroleum Refinery has reduced its gantry price for Premium Motor Spirit (PMS), commonly known as petrol, by N75 per litre, lowering the price from N1,250 to N1,175 per litre as easing geopolitical tensions in the Middle East continue to weigh on global energy markets.

In a circular issued to fuel marketers on Monday, the refinery said the adjustment follows the de-escalation of tensions in the Middle East, which had driven up crude oil and refined product prices over the past three months.

The refinery also lowered its coastal price from N1,595,790 per metric tonne to N1,495,215 per metric tonne, with the new rates taking effect from midnight.

According to the notice, all outstanding unloaded gantry volumes will be repriced at the new rate from 12:00 a.m. on June 16, 2026, ensuring customers benefit from the revised pricing.

The reduction positions Dangote Refinery as one of the most competitive suppliers in the domestic market. Data from Petroleumprice.ng showed that many marketers were still selling petrol at around N1,240 per litre before the latest adjustment.

The price cut comes as global oil markets respond to reports of improving diplomatic relations between the United States and Iran and progress toward reopening the Strait of Hormuz, a critical shipping route for global crude supplies.

Crude prices had surged above $120 per barrel during months of heightened tensions, pushing petrol prices in Nigeria from around N830 per litre to nearly N1,300 per litre, while diesel and aviation fuel also recorded sharp increases.

With international crude prices now retreating, the latest move by Dangote Refinery is expected to put downward pressure on domestic fuel prices and could encourage further reductions by marketers in the coming weeks.

Industry observers, however, note that the pace of retail price declines may depend on existing inventories purchased at higher crude prices. A refinery official indicated that although petrol prices could eventually fall toward N900 per litre, the company is still processing relatively expensive crude acquired before recent market declines.

The latest adjustment offers renewed optimism for consumers and businesses that have faced elevated fuel costs in recent months, while reinforcing the close link between global oil market developments and domestic petroleum pricing in Nigeria.