Dangote Petroleum Refinery has announced a fresh reduction in the gantry price of Premium Motor Spirit (petrol) by N75 per litre
In a circular to fuel marketers on Monday, the refinery calrified that the adjustment followed the de-escalation of the Middle East crisis, which had impacted energy prices in the past three months.
The circular states, “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.”
It also stated that the coastal price per metric tonne has dropped from N1,595,790 to N1,495,215, and the new gantry price is now N1,175 per litre, down from N1,250.
According to the refinery, the new pricing will go into effect at midnight.
“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026.
It also said, “We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery.”
According to Petroleumprice.ng, petrol from the Dangote refinery currently sells at the lowest price, with several marketers offering it at about ₦1,240 per litre on Monday.
The latest price reduction also coincides with easing tensions in the global oil market amid reports of ongoing negotiations between the United States and Iran over the reopening of the Strait of Hormuz.
Meanwhile, oil prices climbed to about $83 per barrel on Monday after Donald Trump announced the signing of the proposed deal.
BACKSTORY…
Since hostilities between the United States and Iran began on February 28, crude oil—the primary feedstock for fuel production—has recorded a sharp increase in price. The three-month conflict pushed crude prices above $120 per barrel, triggering a rise in fuel costs.
Consequently, the price of petrol in Nigeria climbed from about ₦830 per litre to roughly ₦1,300 per litre during the period. Diesel and aviation fuel prices also recorded significant increases.
However, the recent price adjustment by the Dangote refinery is expected to drive down domestic fuel prices as crude oil prices continue to decline.
Meanwhile, sources report that oil prices continued their downward trend on Monday following the signing of a ceasefire agreement between the United States and Iran to end hostilities in the Middle East and reopen the Strait of Hormuz.
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