Dangote Refinery Cuts Petrol Price by ₦75 Per Litre as Global Oil Prices Decline

Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, popularly known as petrol, by ₦75 per litre.

According to a circular issued to fuel marketers, the refinery lowered its gantry price from ₦1,250 to ₦1,175 per litre, citing the recent easing of tensions in the Middle East, which had contributed to a surge in global energy prices over the past three months.

The refinery also announced a reduction in its coastal price per metric tonne, which dropped from ₦1.59 million to ₦1.49 million. The new pricing regime took effect from midnight on June 16, 2026.

Dangote Refinery stated that all outstanding unloaded gantry volumes would be repriced at the new rate, while assuring marketers of continued product availability and efficient service delivery.

Industry analysts say the development could lead to a reduction in pump prices across the country, bringing relief to consumers who have faced rising fuel costs in recent months.

The price adjustment follows a decline in global crude oil prices after reports of a peace agreement between the United States and Iran, as well as the partial reopening of the Strait of Hormuz, a key global oil shipping route.

During the period of hostilities, crude oil prices rose significantly, pushing petrol prices in Nigeria from about ₦830 per litre to nearly ₦1,300 per litre.

Although further reductions are being anticipated, officials of the refinery note that the company still holds crude oil purchased at higher prices, which may affect the pace of additional price cuts.