Dangote Refinery Cuts Petrol Gantry Price by N75 Per Litre Amid Falling Crude Prices

Dangote Group⁠ has reduced the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by N75 per litre, offering fresh relief to marketers and consumers amid declining global oil prices.

The adjustment was announced in a circular issued to fuel marketers on Monday, with the refinery attributing the decision to the easing of tensions in the Middle East, which had significantly affected energy prices over the past three months.

According to the refinery, the new gantry price has been reduced from N1,250 per litre to N1,175 per litre, while the coastal price per metric tonne was cut from N1,595,790 to N1,495,215.

“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 added that the revised prices took effect from midnight on June 16, 2026, and that all outstanding unloaded gantry volumes would be repriced accordingly.

The price reduction comes amid a downward trend in global crude oil prices following reports of a peace agreement between the United States and Iran and the reopening of the Strait of Hormuz, a critical global oil shipping route.

Crude oil prices had surged above $120 per barrel during the three-month conflict between the two countries, leading to higher fuel costs worldwide. In Nigeria, petrol prices climbed from around N830 per litre to over N1,300 per litre during the period.

With oil prices now retreating, industry observers expect further reductions in domestic fuel prices in the coming weeks.

Market data showed that many fuel marketers sold Dangote petrol at around N1,240 per litre on Monday, making the refinery one of the most competitive suppliers in the market.

Analysts believe the latest price cut could ease transportation costs and reduce inflationary pressure if sustained.

However, a refinery official cautioned that while petrol prices could eventually decline toward N900 per litre, the refinery still holds inventory produced from previously purchased high-cost crude oil.

The development has raised hopes among consumers that the recent decline in global oil prices will translate into more affordable fuel and lower living costs across the country.