Dangote Petroleum Refinery has slashed the gantry price of Premium Motor Spirit by N75 per litre, citing a de-escalation of tensions in the Middle East that had driven energy costs higher over the past three months.
In a circular issued to fuel marketers on Monday, the refinery announced that its gantry price had been reviewed downward from N1,250 to N1,175 per litre, while its coastal price per metric tonne fell from N1,595,790 to N1,495,215. The new rates took effect from midnight.
“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 read, adding that all outstanding unloaded gantry volumes would be repriced at the new rate effective 12:00 AM on June 16, 2026.
With the adjustment, data from Petroleumprice.ng indicates the Dangote refinery has become the cheapest petrol source in the country, as many marketers were selling at approximately N1,240 per litre on Monday.
The price cut comes as global crude markets ease following reports of a ceasefire agreement between the United States and Iran, which also includes arrangements for the partial reopening of the Strait of Hormuz.
Oil prices, which had climbed above 120 dollars per barrel during three months of hostilities that began on February 28, have since retreated to around 83 dollars per barrel, with further declines expected.
The conflict had driven domestic petrol prices from approximately N830 per litre to around N1,300 per litre, with diesel and aviation fuel recording similarly sharp increases.
A Dangote Petroleum Refinery official has indicated petrol could fall to as low as N900 per litre, though cautioned that the refinery still held expensive crude acquired during the conflict period in its tanks.
Nigerians are now awaiting further price reductions should the global crisis fully de-escalate.
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