Agency News
The Dangote Petroleum Refinery has reduced its gantry price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre, citing improved conditions in the global energy market following the easing of tensions in the Middle East.
The refinery announced the price adjustment in a circular issued to fuel marketers on Monday, saying the decision reflects recent developments that have moderated energy prices after months of volatility.
“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.
It added that the new gantry price is now N1,175 per litre, down from N1,250, while the coastal price per metric tonne has been reduced from N1,595,790 to N1,495,215.
The refinery said the new rates 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.
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According to Petroleumprice.ng, the Dangote refinery is now the cheapest petrol, as many marketers sold it for around N1,240 on Monday.
The latest reduction comes amid easing tensions in the global oil market following reports of ongoing negotiations between the United States and Iran over the reopening of the Strait of Hormuz.
Oil prices, which had surged to about 83 per barrel as of Monday after Trump announced the signing of the deal.
Crude oil, the major feedstock for fuel production, had risen sharply since the outbreak of hostilities between the United States and Iran on February 28. During the three-month conflict, crude prices climbed above 120 per barrel, triggering higher fuel prices.
In Nigeria, petrol prices rose from about N830 per litre to around M1,300 per litre during the period. Diesel and aviation fuel prices also recorded significant increases.
With crude prices now retreating, the adjustment by the Dangote refinery is expected to bring further relief in domestic fuel prices.
