BREAKING: Dangote Refinery Reduces Price Of Petrol

The Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, lowering its gantry price by ₦75 per litre amid signs of stability in the global energy market.

In a circular issued to fuel marketers on Monday, the refinery disclosed that the new price adjustment takes effect from midnight, June 16, 2026.

Under the revised pricing structure, the gantry price of petrol has been reduced from ₦1,250 per litre to ₦1,175 per litre, providing some relief to marketers and consumers after months of rising fuel costs.

The refinery also announced a reduction in its coastal supply price, which dropped from ₦1,595,790 per metric tonne to ₦1,495,215 per metric tonne.

According to the company, the decision was influenced by the recent easing of geopolitical tensions in the Middle East, a development that has helped moderate global crude oil and energy prices.

“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 and coastal prices,” the refinery stated in the notice to marketers.

The company further clarified that all outstanding unloaded gantry volumes would be recalculated using the new rate from the effective date.

“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 a.m., 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 statement added.

Marketers Yet to Reflect New Price

Despite the refinery’s reduction, retail pump prices across many parts of the country remained significantly higher as of Monday.

Industry data from Petroleumprice.ng indicated that several filling stations were still selling petrol at around ₦1,240 per litre, suggesting that consumers may not immediately benefit from the refinery’s latest adjustment until existing stock is exhausted and new supplies enter the market.

The development positions Dangote Refinery as one of the most competitively priced suppliers in the domestic petroleum market.

Global Oil Prices Begin to Retreat

The latest price cut comes as pressure in the international crude oil market begins to ease following reports of renewed diplomatic engagements between the United States and Iran over the reopening of the strategic Strait of Hormuz.

Global oil prices had experienced significant volatility over the past three months due to hostilities involving the two countries.

Crude oil prices surged beyond $120 per barrel during the period of heightened tensions, leading to increased refining costs and triggering fuel price hikes across several markets, including Nigeria.

Although oil prices briefly climbed to about $83 per barrel on Monday following reports of a new agreement, the overall trend has been downward compared to the peak levels recorded during the conflict.

Impact on Nigerian Fuel Prices

Nigeria’s downstream petroleum sector felt the effects of the global energy shock, with petrol prices rising sharply during the period.

Pump prices that previously hovered around ₦830 per litre climbed to approximately ₦1,300 per litre in many locations as crude oil prices soared and supply costs increased.

Diesel and aviation fuel prices also witnessed substantial increases, placing additional pressure on businesses, transport operators, airlines, and consumers.

Industry observers believe Dangote Refinery’s latest price reduction could trigger further downward adjustments in the domestic market if global crude prices remain stable and supply conditions continue to improve.

Relief Expected for Consumers

Analysts say the move could help ease transportation and logistics costs, which have contributed significantly to inflation and the rising cost of living across the country.

With the refinery continuing to expand its influence in Nigeria’s fuel supply chain, stakeholders are expected to closely monitor whether other suppliers and marketers adjust their prices in response to the latest reduction.

For many Nigerians, the development raises hopes that a sustained decline in global oil prices could eventually translate into lower pump prices and reduced pressure on household and business expenses.