Nigeria’s Dangote Petroleum Refinery has reduced its petrol (Premium Motor Spirit) gantry price by ₦75 per litre, lowering the rate from ₦1,250 to ₦1,175 per litre.
The refinery announced the reduction in a circular issued to fuel marketers on Monday, attributing the move to easing tensions in the Middle East, which had driven global energy prices higher over the past three months.
The new pricing takes effect from midnight on June 16, 2026, with all outstanding unloaded gantry volumes set to be repriced at the new rate.
In addition to the petrol price cut, the refinery reduced its coastal price per metric tonne from ₦1,595,790 to ₦1,495,215.
The adjustment follows a decline in global crude oil prices after reports of a ceasefire agreement between the United States and Iran and progress toward reopening the Strait of Hormuz, a critical global oil shipping route.
Crude prices had surged above $120 per barrel during the recent conflict, pushing petrol prices in Nigeria from around ₦830 per litre to approximately ₦1,300 per litre. With oil prices now falling, analysts expect further reductions in domestic fuel prices.
Industry observers say the latest cut could provide relief to consumers and businesses, although refinery officials noted that stocks of previously purchased higher-cost crude oil may affect the pace of further price decreases.
Some market analysts have suggested petrol prices could eventually fall toward ₦900 per litre if stability in the global oil market continues and crude prices remain subdued.
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