By Monsurat Abisoye
Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by N75 per litre, citing the recent easing of geopolitical tensions in the Middle East that had driven up global energy prices over the past three months.
In a circular issued to fuel marketers on Monday, the refinery announced that the new gantry price had been lowered from N1,250 to N1,175 per litre. It also reduced its coastal price per metric tonne from N1,595,790 to N1,495,215.
The refinery said the revised rates would take effect from midnight on 16 June 2026, adding that all outstanding unloaded gantry volumes would be repriced accordingly.
“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.
Dangote Refinery thanked its customers for their continued support and reaffirmed its commitment to reliable product supply and quality service delivery.
According to Petroleumprice.ng, the refinery’s latest adjustment makes it the cheapest source of petrol supply in the country, with many marketers reportedly selling the product at around N1,240 per litre on Monday.
The price reduction comes as global crude oil prices continue to decline following reports of a ceasefire agreement between the United States and Iran aimed at ending hostilities and reopening the Strait of Hormuz.
Oil prices, which had surged during the conflict that began on 28 February, started falling after US President Donald Trump announced the signing of a peace deal. Crude prices had climbed above $120 per barrel during the three-month crisis, contributing to rising fuel costs worldwide.
In Nigeria, petrol prices increased from about N830 per litre to nearly N1,300 per litre during the period, while diesel and aviation fuel also recorded sharp increases.
With oil prices now trending downward, the Dangote Refinery’s latest adjustment is expected to provide some relief to consumers by lowering domestic fuel prices.
Reports indicate that Brent crude, the global benchmark, has continued its downward movement after previously trading at around $83 per barrel. The agreement reached by the US and Iran further strengthened expectations of additional declines in oil prices.
There is growing speculation that petrol prices in Nigeria could drop further, with some projections suggesting they may fall to around N900 per litre if peace in the Middle East is sustained and crude prices continue to ease.
However, a Dangote Refinery official cautioned that any significant reduction could be influenced by the refinery’s existing stock of crude purchased at higher prices, noting that the company still has “expensive crude” in its tanks.
Many Nigerians are now anticipating further reductions in fuel prices in the coming weeks, should the current stability in the global oil market persist.
