Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (petrol) by ₦75 per litre, bringing it down to ₦1,175 effective June 16, 2026. The adjustment was communicated to fuel marketers in a circular issued by the refinery.

The price cut comes amid easing global crude oil prices following reduced tensions in the Middle East, which had previously driven up energy costs worldwide.

Global Oil Shift Triggers Adjustment

According to the refinery, the decision reflects changing international market conditions, particularly the decline in geopolitical risks affecting crude supply and pricing.

The coastal price per metric tonne was also reduced from ₦1,595,790 to ₦1,495,215. The company noted that any outstanding but undelivered volumes will now be adjusted to reflect the new pricing structure.

Industry data from Petroleumprice.ng indicates that Dangote Refinery currently offers the most competitive petrol price among major suppliers in the domestic market.

Impact on Nigerian Fuel Market

Before this latest adjustment, marketers were reportedly lifting petrol at around ₦1,240 per litre, making Dangote’s new rate significantly lower than prevailing market levels.

The refinery’s move follows months of instability in global crude prices, previously driven by conflict-related disruptions that pushed Brent crude above $120 per barrel at peak periods.

During that phase, petrol prices in Nigeria rose sharply, in some locations exceeding ₦1,300 per litre.

Market Outlook and Expectations

Recent easing in global tensions, including a ceasefire agreement and partial reopening of key shipping routes, has helped crude prices decline to around $83 per barrel.

Analysts suggest that if the current trend continues, pump prices in Nigeria could see further reductions, potentially moving closer to ₦900 per litre, although existing higher-cost crude stock may slow immediate transmission to consumers.

Marketers and consumers have welcomed the development, describing it as a positive signal for easing fuel costs. The Dangote Refinery, with its 650,000 barrels-per-day capacity, continues to reshape Nigeria’s downstream market as reliance on imports gradually declines.