Nigerians may soon enjoy some relief at filling stations as Dangote Petroleum Refinery has announced a fresh reduction in the ex-gantry price of petrol, cutting the cost by ₦75 per litre.
The latest adjustment comes amid falling global crude oil prices following reports of easing tensions in the Middle East, a development that has positively impacted energy markets worldwide.
In a notice issued to oil marketers on Monday, the refinery confirmed that the new pricing took effect from June 16, 2026, with all outstanding product volumes set to be repriced accordingly.
Under the revised pricing structure, the ex-gantry price of Premium Motor Spirit (PMS), commonly known as petrol, has been reduced from ₦1,250 per litre to ₦1,175 per litre.
The refinery also announced a downward review of its coastal price, which dropped from ₦1,595,790 per metric tonne to ₦1,495,215 per metric tonne.
Explaining the decision, the company linked the reduction to recent developments in the international oil market.
According to the refinery:
“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 company further assured customers of its commitment to maintaining stable supply and quality service.
In its statement, Dangote Refinery said:
“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery.”
The price adjustment comes shortly after reports emerged that the United States, Iran, and Israel had reached an agreement aimed at ending hostilities in the Middle East and reopening the strategic Strait of Hormuz, a major route for global oil exports.
The development triggered a decline in international crude oil prices, with Brent crude falling by about five percent to around $82.90 per barrel, while West Texas Intermediate (WTI) crude also dropped to approximately $80 per barrel.
Industry observers believe the reduction could eventually influence pump prices across the country if marketers pass on the savings to consumers.
For many Nigerians already battling rising living costs, the latest price cut is expected to be welcomed as a positive development in the downstream petroleum sector.
Source: Dangote Petroleum Refinery
