Dangote Refinery Cuts Petrol Price by N75 Per Litre

Dangote Petroleum Refinery has slashed the gantry price of Premium Motor Spirit by N75 per litre, reducing it from N1,250 to N1,175 per litre effective from Tuesday, June 16, 2026. The refinery also lowered its coastal price per metric tonne from N1,595,790 to N1,495,215.

The price adjustment was announced in a circular issued to fuel marketers on Monday, with the refinery attributing the decision to the de-escalation of geopolitical tensions in the Middle East, which had driven 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 circular stated.

The refinery directed that all outstanding unloaded gantry volumes would be repriced at the new rate from 12:00 AM on June 16. “We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the company said in its notice to marketers.

The price cut comes as global crude markets ease following reports of a ceasefire agreement between the United States and Iran, which also includes arrangements for the partial reopening of the Strait of Hormuz, one of the world’s most critical oil shipping routes. Crude oil prices had surged above $120 per barrel during the three-month conflict, pushing domestic fuel prices sharply higher.

According to market monitoring platform Petroleumprice.ng, Dangote refinery now offers the cheapest petrol in the country, as many marketers were still selling at approximately N1,240 per litre on Monday before the latest adjustment. The reduction is expected to trigger fresh competition across Nigeria’s downstream market, with private depot operators likely to respond with further price cuts in the coming days.

A refinery official indicated that petrol prices could eventually fall toward N900 per litre if current market conditions persist, but cautioned that the refinery still holds volumes of crude acquired at significantly higher prices during the conflict period . Industry analysts expect further downward adjustments if global energy markets remain stable in the coming weeks.