The Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by ₦75 per litre, adjusting its pricing structure in response to easing global crude oil tensions.
The refinery announced the reduction in a circular sent to fuel marketers on Monday, stating that the decision followed a decline in geopolitical tensions in the Middle East, which had previously driven up energy prices.
“Following the de-escalation of tensions in the Middle East, which has impacted energy prices, we have reviewed our premium motor spirit gantry/coastal price,” the circular stated.
New pricing structure
According to the announcement, the gantry price has been reduced from ₦1,250 to ₦1,175 per litre.
The coastal price per metric tonne also dropped from ₦1,595,790 to ₦1,495,215, with the new rates taking effect from midnight on June 16, 2026.
The refinery added that all outstanding uncollected volumes would be repriced under the new structure.
Global oil market influence
The price adjustment comes amid a decline in global crude oil prices following reports of easing tensions between the United States and Iran over the Strait of Hormuz.
Benchmark Brent crude had earlier surged above $120 per barrel during months of conflict but has now retreated to around $83 per barrel following a ceasefire agreement.
Oil traders say the easing geopolitical risk has triggered a downward correction in global energy prices, creating room for refiners to adjust domestic pricing.
Impact on Nigerian fuel market
Data from petroleum market trackers indicate that Dangote Refinery’s revised price is now among the lowest in the domestic market, with marketers reportedly selling at around ₦1,240 per litre prior to the adjustment.
Nigeria had previously experienced significant fuel price increases during the height of the crisis, with pump prices rising from about ₦830 to as high as ₦1,300 per litre.
Diesel and aviation fuel also recorded steep increases during the same period.
Possible further price drops
Analysts suggest that continued stability in global crude oil markets could push petrol prices further downward in Nigeria.
Reports indicate that fuel could drop toward ₦900 per litre if the current peace agreement between the United States and Iran holds and crude prices continue to decline.
However, refinery officials reportedly cautioned that pricing adjustments may be moderated by the cost of previously purchased higher-priced crude still in storage.
With global supply chains stabilising and geopolitical tensions easing, stakeholders expect more adjustments in downstream petroleum pricing in the coming weeks.
Consumers across Nigeria have welcomed the latest reduction, hoping it signals sustained relief in transport, food, and general living costs.
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