Dangote Cuts Petrol Price To ₦1,175/Litre Amid Drop In Global Crude Prices

June 16, () — Nigeria’s fuel market is set for another possible round of price adjustments after the Dangote Petroleum Refinery announced a fresh ₦75 per litre reduction in the gantry price of Premium Motor Spirit (PMS), lowering its ex-depot rate from ₦1,250 to ₦1,175 per litre amid easing tensions in the Middle East and declining global crude oil prices.

In a circular issued to fuel marketers, the refinery said the latest downward review followed the de-escalation of geopolitical tensions in the Middle East, a development that had significantly affected energy prices over the past three months.

“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 notice, the refinery also reduced its coastal price per metric tonne from ₦1,595,790 to ₦1,495,215, while confirming that the new pricing structure would take effect from midnight on June 16, 2026.

The company further directed that all outstanding and unloaded gantry volumes would be repriced immediately under 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 refinery said.

The latest reduction reinforces Dangote Refinery’s growing influence in Nigeria’s deregulated downstream petroleum market, where its pricing decisions have increasingly shaped supply trends and competition among marketers.

Industry tracking platform petroleumprice.ng⁠, reported that Dangote Refinery currently offers the cheapest bulk petrol supply in the country, noting that several marketers were still selling petrol at around ₦1,240 per litre as of Monday, before the latest adjustment.

The price cut comes amid improving conditions in the international oil market following a diplomatic deal between the United States and Iran aimed at ending hostilities and facilitating the reopening of the strategically important Strait of Hormuz.

Global crude prices had surged sharply during the three-month conflict between the United States and Iran, which began on February 28, pushing oil prices above $120 per barrel at the height of the crisis and forcing fuel prices higher across several markets.

In Nigeria, the impact was immediate, with petrol prices climbing from around ₦830 per litre to nearly ₦1,300 per litre, while diesel and aviation fuel prices also recorded steep increases.

However, following the reported ceasefire agreement between the United States and Iran, oil prices have begun retreating significantly. Reports indicate that Brent crude, the global oil benchmark, fell sharply from about $83 per barrel on Monday, extending a downward trend driven by renewed optimism in the energy market.

Recent market projections indicate that petrol prices could fall to as low as ₦900 per litre should the peace deal fully stabilise international crude supply and sustain lower oil prices globally.

However, an official of Dangote Refinery cautioned that while additional reductions remain possible, immediate drastic cuts may be constrained because the refinery is still processing previously purchased high-cost crude inventory.

For millions of Nigerians grappling with high transport costs and inflationary pressure, the latest development has renewed hopes of sustained fuel price relief.