Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), also known as petrol, by N75 per litre.
In a circular sent to fuel marketers on Monday, the refinery said the price cut was due to the easing of tensions in the Middle East, which had affected energy prices 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 circular stated.
The refinery said the new gantry price is now N1,175 per litre, down from N1,250 per litre. It also reduced the coastal price per metric tonne from N1,595,790 to N1,495,215.
According to the circular, the new prices will take effect from midnight.
“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 noted.
According to Petroleumprice.ng, Dangote Refinery now offers the cheapest petrol price, with many marketers selling the product at about N1,240 per litre on Monday.
The latest price reduction comes as tensions in the global oil market continue to ease following reports of ongoing talks between the United States and Iran over the reopening of the Strait of Hormuz.
Oil prices had risen to about $83 per barrel on Monday after US President Donald Trump announced the signing of the agreement.
Crude oil, which is the main raw material used in fuel production, had increased sharply after hostilities broke out between the United States and Iran on February 28. During the three-month conflict, crude prices climbed above $120 per barrel, leading to higher fuel prices.
In Nigeria, petrol prices increased from around N830 per litre to about N1,300 per litre during the period. Diesel and aviation fuel prices also recorded major increases.
With crude oil prices now falling, the reduction announced by Dangote Refinery is expected to provide more relief for consumers through lower fuel prices.
