LAGOS — In a major relief to Nigeria’s downstream petroleum market, the Dangote Petroleum Refinery has announced a significant N75 per litre reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol.
In a formal circular issued to fuel marketers, the refinery confirmed that the new depot price has been dropped from ₦1,250 to ₦1,175 per litre. The downward review, which took effect at midnight on Tuesday, June 16, 2026, also saw the coastal price per metric tonne slashed from ₦1,595,790 to ₦1,495,215.
According to the management of the 650,000-barrel-per-day facility, the price cut is a direct response to the recent de-escalation of geopolitical tensions in the Middle East and a subsequent decline in international crude oil 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 read in part. “Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026.”
The sharp drop in domestic fuel prices mirrors significant movements in the global oil market. Crude oil, the primary feedstock for fuel production, had skyrocketed past $120 per barrel during the three-month conflict between the United States and Iran, dragging local pump prices in Nigeria from around ₦830 to as high as ₦1,300 per litre.
However, the international market experienced a sharp correction on Monday following the historic announcement by U.S. President Donald Trump regarding the signing of a ceasefire agreement with Iran. The landmark deal, which officially ended hostilities and reopened the critical Strait of Hormuz, immediately sent Brent crude prices tumbling from $83 per barrel
With the Dangote Refinery currently offering the most competitive petrol rates in the country, the N75 reduction is expected to trigger a corresponding drop in retail pump prices at filling stations nationwide, provided independent marketers pass the savings on to consumers.
While industry speculations suggest that petrol prices could eventually plunge to as low as ₦900 per litre if global crude prices continue to stabilize, officials remain cautiously optimistic. A representative from the Dangote Refinery noted that while further reductions are possible, the refinery still holds inventory refined from the “expensive crude” acquired during the peak of the Middle East crisis.
Nevertheless, the latest price adjustment reinforces the refinery’s growing influence on Nigeria’s domestic energy security and its capacity to rapidly align local pricing with global market realities.