By Jimmy Fatunbi
Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit (petrol), slashing the rate by N75 per litre amid declining crude oil prices following the easing of tensions in the Middle East.
In a circular issued to fuel marketers on Monday, the refinery attributed the price adjustment to the de-escalation of the conflict between the United States and Iran, which had driven up global energy costs over the past three months.
The refinery stated that the ex-depot price of petrol has been reduced from N1,250 to N1,175 per litre. It also lowered its coastal price per metric tonne from N1,595,790 to N1,495,215.
According to the notice, the new pricing regime takes effect from midnight on June 16, 2026, with all outstanding unloaded gantry volumes to be repriced at the revised rate.
The company thanked marketers for their patronage and reaffirmed its commitment to ensuring steady product supply and efficient service delivery.
Industry data from Petroleumprice.ng indicated that petrol supplied by the refinery had been selling at about N1,240 per litre on Monday, making Dangote’s product one of the most competitively priced in the market.
The latest price cut comes as global crude oil prices continue to decline following diplomatic efforts to end hostilities between the United States and Iran and reopen the strategic Strait of Hormuz.
Oil prices had surged during the three-month conflict, with crude climbing above $120 per barrel at its peak. The spike translated into higher fuel costs across several countries, including Nigeria, where petrol prices rose from about N830 to nearly N1,300 per litre.
However, renewed peace efforts and reports of a ceasefire agreement have triggered a reversal in oil prices, raising expectations of further reductions in domestic fuel costs.
Market analysts say continued stability in the Middle East could push petrol prices even lower in the coming weeks. Some industry observers have projected that pump prices could fall to around N900 per litre if crude oil prices maintain their downward trajectory.
Despite the optimism, a senior official of the Dangote refinery cautioned that the facility still holds inventories of crude purchased at significantly higher prices, which may limit the pace of further reductions in the short term.
The latest adjustment is expected to provide some relief to consumers and businesses grappling with high transportation and energy costs.
