Dangote Refinery has reduced its petrol gantry price by N75 per litre, a move widely linked to easing geopolitical tensions

·        The new price means the refinery is now selling Premium Motor Spirit at N1,175 per litre, below major depots

 Dangote Petroleum Refinery has reduced its ex-gantry petrol price to N1,175 per litre, representing a N75 reduction from N1,250 per litre, in a move widely expected by fuel marketers following recent declines in international crude oil prices.

The new price takes effect at 12:00 a.m. on June 16, 2026, and the refinery also directs that all outstanding unloaded gantry volumes be repriced at the updated rate effective from that date.

Dangote, marketers price competition

The refinery also reduced its coastal loading price by N100,575 per metric tonne, from N1,595,790 to N1,495,215, further reinforcing its competitive positioning in Nigeria’s

According to the refinery’s notice to customers, the adjustment followed the de-escalation of tensions in the Middle East, which had previously driven volatility in global energy prices.

The notice reads:

"All outstanding unloaded gantry volumes will be repriced at the new rate from the effective date."

Private depot operators are likely to respond with further price reductions in the coming days to remain competitive with Dangote Refinery’s revised rates.

Some depot owners have already adjusted prices.

On Monday, data obtained by Petroleumprice.ng showed that A.A Rano, Aiteo, and Integrated Oil reduced their petrol prices to an average rate of N1,240.

Why is petrol price dropping?

The reduction in petrol prices is driven by easing tensions in the Middle East, particularly negotiations between the United States and Iran over the Strait of Hormuz, which has led to a decline in global crude oil prices.

Market data showed that Brent crude dipped 0.59% to $82.68 per barrel at 06:45 (WAT) as WTI fell 0.42% to $80.41 per barrel.

Market sentiment improved further after the LNG tanker Disha completed a successful transit through the Strait of Hormuz on Monday while heading to India, an indication that energy flows from the Gulf may be gradually resuming.

Industry operators say the development could eventually lead to lower fuel prices nationwide if marketers reflect the cost savings in retail pump prices.

NNPC raises may crude oil prices by $7 per barrel

It was earlier reported that the Nigerian National Petroleum Company Limited (NNPCL) has increased the official selling prices (OSPs) of its crude oil grades for May-loading cargoes by as much as $7 per barrel.

The latest adjustment comes as global crude oil markets react sharply to rising geopolitical tensions between the United States and Iran.

Industry data shows that NNPCL reviewed prices upward across all 37 Nigerian crude streams.