By Olakunle Oke
Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by N75 per litre following a sharp decline in global crude oil prices amid easing geopolitical tensions in the Middle East.
In a circular issued to marketers, the refinery announced that the ex-gantry price of petrol has been reduced by six per cent from N1,250 per litre to N1,175 per litre, effective from midnight on June 16, 2026.
The latest price adjustment follows a significant drop in international crude oil prices, with Brent crude falling by about five per cent to $78.87 per barrel from $82.72 per barrel recorded a day earlier.
Industry observers attributed the decline to the de-escalation of tensions between the United States and Iran and the reopening of the Strait of Hormuz, a critical global oil shipping route.
Explaining the decision, Dangote Refinery said the reduction was necessitated by improving conditions in the global energy market.
“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 company stated.
The refinery also reduced its coastal supply price by 6.3 per cent to N1.495 million per metric tonne from N1.596 million per metric tonne.
According to the revised pricing template, all outstanding unloaded gantry volumes will be repriced at the new rate.
“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 a.m., June 16, 2026,” the circular added.
The price cut is expected to provide some relief to fuel marketers and consumers, particularly as transportation and logistics costs remain key drivers of inflation across the country.
Market analysts said the reduction reflects the increasing influence of global crude oil movements on domestic fuel pricing following the deregulation of Nigeria’s downstream petroleum sector.
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Dangote Refinery expressed appreciation to its customers for their continued support and reaffirmed its commitment to ensuring uninterrupted product availability nationwide.
“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the company stated.
The latest adjustment marks another significant development in Nigeria’s petroleum market and could trigger competitive pricing among fuel marketers in the coming days.
