LAGOS — Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre.
The refinery issued a circular to fuel marketers on Monday stating that the adjustment was as a result of the de-escalation 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 has been reduced to ₦1,175 per litre from ₦1,250 per litre.
It added that the coastal price per metric tonne had also been reviewed downward, dropping from ₦1,595,790 to ₦1,495,215.
According to the refinery, the revised rates took 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 reports, Dangote Refinery was offering the cheapest petrol price, with many marketers selling the product for around ₦1,240 per litre on Monday.
The latest reduction comes amid easing tensions in the global oil market following reports of 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 US President Donald Trump announced the signing of a peace deal, have since begun to decline.
Crude oil, the major feedstock for fuel production, had risen sharply following 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, leading to higher fuel prices.
In Nigeria, petrol prices increased from about ₦830 per litre to around ₦1,300 per litre during the period, while diesel and aviation fuel prices also recorded significant increases.
With crude prices now retreating, the adjustment by Dangote Refinery is expected to bring further relief to domestic fuel prices.
Fuel Prices May Drop Further
There are rumors that petrol prices could drop to as low as ₦900 per litre if the peace agreement between the United States and Iran holds and the crisis in the Middle East continues to de-escalate.
However, a Dangote Petroleum Refinery official cautioned that the refinery still had “expensive crude” in its tanks despite the improving outlook.
Leave a Reply