Dangote Cuts Petrol Price by N75 to N1,175 Per Litre

Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by N75 per litre, following a drop in global crude oil prices after easing tensions in the Middle East.

In a circular issued to fuel marketers on Monday, the refinery said the adjustment was driven by the de-escalation of geopolitical tensions that had pushed energy prices higher over the past three months.

“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 statement read.

Under the new pricing structure, the gantry price has been reduced from N1,250 to N1,175 per litre, while the coastal price per metric tonne has also been reviewed downward from N1,595,790 to N1,495,215.

The new rates, according to the refinery, take effect from 12:00 a.m. on June 16, 2026. It added that all outstanding unloaded gantry volumes will be repriced at the revised rate.

“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 circular added.

Market data from Petroleumprice.ng showed that Dangote Refinery currently offers some of the cheapest petrol in the market, with marketers selling at about N1,240 per litre on Monday.

The price reduction comes amid a global decline in crude oil prices following reports of a ceasefire agreement between the United States and Iran and efforts to reopen the Strait of Hormuz.

Brent crude, the global benchmark, had surged above $120 per barrel during earlier hostilities but dropped to around $83 per barrel as geopolitical tensions eased.

In Nigeria, petrol prices had previously climbed from about N830 per litre to nearly N1,300 per litre during the period of heightened instability, while diesel and aviation fuel also recorded sharp increases.

With crude oil prices now retreating, analysts say domestic fuel prices could ease further in the coming days, potentially falling to around N900 per litre if the downward trend continues.

However, an official of the refinery cautioned that price reductions may not be immediate across board, noting that some imported crude still held by the refinery was purchased at higher prices.