Fuel Relief Arrives: Dangote Cuts Petrol Price by N75

Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by N75 per litre.

In a circular issued to fuel marketers the refinery explained that the price adjustment followed the easing of tensions in the Middle East, which had influenced 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.
According to the refinery, the new gantry price has been reduced to N1,175 per litre from N1,250 per litre, while the coastal price per metric tonne dropped from N1,595,790 to N1,495,215.
The refinery noted that the revised prices would 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 added.
Data from Petroleumprice.ng showed that Dangote refinery was already offering the cheapest petrol on the market, with many marketers selling the product at about N1,240 per litre on Monday.
The latest price reduction comes amid easing pressure 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 risen to about $83 per barrel as of Monday after US President Donald Trump announced the signing of the agreement, have since begun to decline.
Crude oil, the primary feedstock for fuel production, had surged 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 globally.
In Nigeria, petrol prices increased from around N830 per litre to nearly N1,300 per litre during the period. Diesel and aviation fuel prices also recorded significant increases.
With crude oil prices now retreating, the refinery’s latest adjustment is expected to provide further relief to consumers through lower domestic fuel prices.
The PUNCH reports that oil prices continued their downward trend on Monday after the United States and Iran signed a ceasefire agreement aimed at ending hostilities in the Middle East and reopening the Strait of Hormuz.
According to Oilprice.com, Brent crude, the global benchmark, fell from $83 per barrel on Monday.
Both the United States and Iran confirmed on Sunday that they had reached an agreement to end the conflict, a development that further pressured oil prices downward.
The PUNCH had earlier reported that petrol prices could drop to as low as N900 per litre in the coming days if the peace agreement between the two countries holds.
With President Trump announcing the signing of the peace deal and the partial reopening of the Strait of Hormuz, oil prices declined further, raising expectations of additional reductions in fuel prices should the situation continue to stabilize.
Many Nigerians are anticipating further cuts in petrol prices. However, an official of Dangote Petroleum Refinery, while acknowledging the possibility of petrol selling for N900 per litre, cautioned that the refinery still has stocks of “expensive crude” purchased during the period of elevated global oil prices.