The Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, by N75 per litre, citing easing tensions in the Middle East and the resulting decline in global energy prices.
In a circular issued to fuel marketers on Monday, the refinery announced that the new ex-depot price had been cut from N1,250 per litre to N1,175 per litre.
It also reduced its coastal price per metric tonne from N1,595,790 to N1,495,215.
The company said the revised pricing would take effect from midnight on June 16, 2026.
“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 refinery stated in the notice.
According to the circular, all outstanding unloaded gantry volumes will be repriced using the new rate from the effective date.
“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026. We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the refinery added.
The reduction follows a sustained decline in global crude oil prices after reports of a peace agreement between the United States and Iran, which could pave the way for the reopening of the Strait of Hormuz, a critical global oil shipping route.
Industry data monitored by Petroleumprice.ng indicated that Dangote petrol had become the most competitively priced product in the domestic market, with many marketers selling at about N1,240 per litre before the latest adjustment.
Crude oil prices had surged significantly during the three-month conflict between the United States and Iran, which began on February 28.
During the period, oil prices rose above $120 per barrel, triggering sharp increases in fuel prices across several markets, including Nigeria.
Locally, petrol prices climbed from around N830 per litre to nearly N1,300 per litre, while diesel and aviation fuel prices also rose substantially.
However, the ceasefire agreement reached between Washington and Tehran has altered market sentiment, pushing crude prices lower and creating room for refiners to adjust fuel prices downward.
Analysts say the latest move by Dangote Refinery could lead to further reductions in pump prices across the country if the downward trend in crude oil prices is sustained.
Reports from international energy markets showed that oil prices continued to weaken on Monday following confirmation of the peace deal and the partial reopening of the Strait of Hormuz.
The development has fueled expectations that petrol prices may decline further in the coming weeks.
Earlier projections suggested that pump prices could fall to as low as N900 per litre if peace in the Middle East holds and crude prices continue to retreat.
Despite the optimism, an official of the Dangote refinery cautioned that the company still holds inventories of crude purchased at higher prices, a factor that could moderate the pace of future reductions.
For consumers and businesses burdened by rising energy costs over the past several months, the latest price cut offers fresh hope of relief as global oil markets gradually stabilise.
