Dangote Refinery slashes petrol price by ₦75 Per litre as global oil market cools

The Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre, offering fresh hope of lower fuel costs across Nigeria.

In a circular issued to fuel marketers on Monday, the refinery announced that the ex-depot price had been cut from ₦1,250 per litre to ₦1,175 per litre, effective from midnight on June 16, 2026.

The refinery attributed the downward review to the recent easing of geopolitical tensions in the Middle East, which had previously triggered sharp increases in global crude oil prices and fuel costs.

Under the revised pricing structure, the coastal price per metric tonne was also reduced from ₦1,595,790 to ₦1,495,215. Dangote Refinery stated that all pending and unloaded product volumes would be recalculated using the new rates.

The company expressed appreciation to its partners and customers, reaffirming its commitment to ensuring steady supply and efficient service delivery.

The latest adjustment comes amid a broader decline in global oil prices following a ceasefire agreement between the United States and Iran, which resulted in the reopening of the Strait of Hormuz, one of the world’s most critical oil shipping routes.

Crude oil prices, which reportedly surged above $120 per barrel during the conflict, have fallen to about $83 per barrel, easing pressure on global energy markets.

During the period of heightened tensions, petrol prices in Nigeria climbed sharply from around ₦830 per litre to nearly ₦1,300 per litre, while diesel and aviation fuel prices also recorded significant increases.

Industry analysts believe the latest reduction could pave the way for further price cuts if international crude prices remain stable. Some projections suggest pump prices could eventually fall below ₦1,000 per litre, depending on market conditions and existing inventories.

However, refinery officials cautioned that future reductions may be influenced by previously purchased crude stocks acquired at higher prices.

The development has renewed expectations among consumers and businesses for sustained relief in fuel costs, which could also help ease transportation and production expenses nationwide.

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