Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by ₦75 per litre.
In a circular to fuel marketers on Monday, the refinery said the adjustment followed the de-escalation of tensions in the Middle East, which had influenced global 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.
It added that the new gantry price is now ₦1,175 per litre, down from ₦1,250, while the coastal price per metric tonne has been reduced from ₦1,595,790 to ₦1,495,215.
The refinery said the revised rates take effect 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,” it added.
According to Petroleumprice.ng, Dangote Refinery is currently offering one of the lowest ex-depot petrol prices, with some marketers selling around ₦1,240 per litre on Monday.
The price cut comes amid easing global oil market tensions following reports of negotiations between the United States and Iran over the reopening of the Strait of Hormuz.
Oil prices, which had surged to about $83 per barrel after earlier geopolitical tensions, have since begun to ease.
Crude oil, the key feedstock for fuel production, had previously risen sharply during months of hostilities between the United States and Iran, at one point climbing above $120 per barrel and driving up fuel prices globally.
In Nigeria, petrol prices rose from about ₦830 per litre to around ₦1,300 per litre during the period, while diesel and aviation fuel also recorded significant increases.
With crude prices now retreating, the latest adjustment by the Dangote Refinery is expected to bring further relief to domestic fuel markets.
Reports indicate that oil prices continued their downward trend on Monday following a ceasefire agreement between the United States and Iran and the partial reopening of the Strait of Hormuz.
According to Oilprice.com, Brent crude, the global benchmark, fell back from about $83 per barrel.
The United States and Iran reportedly reached an agreement on Sunday to end hostilities, a development that further pressured global oil prices downward.
Some analysts have suggested that petrol prices in Nigeria could fall to as low as ₦900 per litre in the coming days if the peace deal holds and crude prices continue to decline. However, a Dangote Petroleum Refinery official noted that the refinery is still processing “expensive crude” currently in its inventory, which may delay further price reductions.
Nigerians are now watching closely for additional fuel price changes as global oil market conditions continue to shift.
