Dangote Refinery Cuts Petrol Price by N75 to N1,175/Litre as Middle East Tensions Ease

Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by N75 per litre, lowering the price from N1,250 to N1,175 per litre.

The refinery announced the price adjustment in a circular issued to oil marketers on Monday, stating that the new pricing took effect from June 16, 2026.

According to the company, the reduction was driven by the recent de-escalation of tensions in the Middle East, which has led to a decline in global 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/coastal price," the circular stated.

The refinery also disclosed that all outstanding unloaded gantry volumes would be repriced at the new rate effective from 12:00 a.m. on June 16, 2026.

Under the revised pricing structure, the ex-gantry price of petrol has been reduced to N1,175 per litre from N1,250 per litre. Similarly, the coastal price per metric tonne has dropped from N1,595,790 to N1,495,215.

Dangote Refinery thanked its customers for their continued support and reaffirmed its commitment to ensuring reliable product supply and efficient service delivery.

The latest price adjustment comes amid a decline in global crude oil prices following reports that the United States, Israel and Iran had reached an agreement aimed at ending hostilities across the Middle East, including in Lebanon, while also facilitating the reopening of the Strait of Hormuz.

As a result, Brent crude, the international oil benchmark, fell by about five per cent to $82.90 per barrel, while the US West Texas Intermediate (WTI) crude declined by four per cent to $80 per barrel.

The reduction in Dangote Refinery's petrol price is expected to ease pressure on the domestic fuel market and could influence pump prices across the country in the coming days.