BREAKING: Dangote Slashes Petrol Price by ₦75

• Dangote Petroleum Refinery has reduced the gantry price of petrol by ₦75 per litre following easing tensions in the Middle East, raising expectations that pump prices could fall further in the coming days.

Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre.

According to a circular issued to fuel marketers on Monday, the price adjustment was driven by the de-escalation of tensions in the Middle East, which had influenced global 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.

Under the new pricing structure, the gantry price of petrol has been reduced from ₦1,250 per litre to ₦1,175 per litre.

The refinery also lowered its coastal price per metric tonne from ₦1,595,790 to ₦1,495,215.

The company said the new prices took effect from midnight on June 16, 2026.

“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.”

Industry data showed that Dangote Refinery has now become one of the cheapest sources of petrol supply in the country, with some marketers reportedly selling fuel 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.

Crude oil prices, which had surged during months of conflict, have begun to decline after both countries reportedly reached a ceasefire agreement.

The conflict had earlier pushed crude prices above $120 per barrel, leading to sharp increases in fuel prices across Nigeria.

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During the period, petrol prices reportedly rose from about ₦830 per litre to nearly ₦1,300 per litre, while diesel and aviation fuel also recorded significant price hikes.

With global crude prices now retreating, analysts say Nigerians could see further reductions in fuel prices in the coming weeks.

A refinery official also hinted that petrol prices could eventually fall to ₦900 per litre, although existing stocks of expensive crude oil may slow immediate reductions.

The latest development is expected to bring relief to consumers and businesses grappling with rising transportation and energy costs.