Fuel Relief! Dangote Refinery Cuts Petrol Price By ₦75

Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, cutting the cost by ₦75 per litre in a move expected to ease pressure on domestic fuel prices.

According to Ireporter Online, the refinery communicated the latest adjustment to fuel marketers through an official circular issued on Monday, citing the easing of geopolitical tensions in the Middle East as the primary reason for the price review.

The new pricing structure lowers the gantry price of petrol from ₦1,250 per litre to ₦1,175 per litre. Similarly, the coastal price per metric tonne has been reduced from ₦1,595,790 to ₦1,495,215.

The circular explained that the decision followed improved conditions in the global energy market after a decline in regional tensions that had significantly influenced oil prices over the past three months.

The refinery stated that the revised rates would become effective from midnight on June 16, 2026, adding that all outstanding unloaded gantry volumes would be repriced under the new structure.

It also expressed appreciation to its customers for their continued support while reaffirming its commitment to maintaining reliable fuel supply and delivering quality service.

The latest reduction positions Dangote Refinery as the supplier of the cheapest petrol in the market. Market data indicated that many independent marketers were still selling petrol at around ₦1,240 per litre on Monday, creating a notable price difference.

The price adjustment comes amid improving conditions in the international oil market, following reports of ongoing diplomatic negotiations between the United States and Iran over the reopening of the Strait of Hormuz. Although crude oil prices had climbed to approximately $83 per barrel earlier in the week after reports of a new agreement, the broader market has witnessed easing pressure compared to the sharp increases recorded during months of geopolitical uncertainty.

Since the outbreak of hostilities between the United States and Iran on February 28, crude oil prices had surged beyond $120 per barrel, resulting in significant increases in fuel costs across several markets.

In Nigeria, the impact was reflected in the rise of petrol prices from about ₦830 per litre to nearly ₦1,300 per litre during the period, while diesel and aviation fuel also experienced substantial price hikes. With global crude prices now retreating, the latest reduction by Dangote Petroleum Refinery is expected to provide additional relief to consumers and contribute to a gradual decline in domestic fuel prices.