Dangote Petroleum Refinery has reduced the gantry price of Premium Motor
Spirit (petrol) by N75 per litre
In a circular to fuel marketers, the refinery said the adjustment followed the de-
escalation of the tension in the Middle East, which had impacted energy prices
in the past three months.
“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 circular stated.
It added that the new gantry price is now N1,175 per litre, down from N1,250,
while the coastal price per metric tonne has been reduced from N1,595,790 to
N1,495,215.
The refinery said the new rates will take effect from midnight of June 16, 2026.
The latest reduction comes amid easing tensions in the global oil market
following reports of ongoing negotiations between the United States and Iran
over the reopening of the Strait of Hormuz.
Oil prices, which had surged to about 83 per barrel as of Monday after Trump
announced the signing of the deal.
Crude oil, the major feedstock for fuel production, had risen sharply since the
outbreak of hostilities between the United States and Iran on February 28.
During the three-month conflict, crude prices climbed above 120 per barrel,
triggering higher fuel prices.
In Nigeria, petrol prices rose from about N830 per litre to around M1,300 per
litre during the period. Diesel and aviation fuel prices also recorded significant
increases.
With crude prices now retreating, the adjustment by the Dangote refinery is
expected to bring further relief in domestic fuel prices.
Nigerians are waiting for more drops in petrol prices. However, a Dangote
Petroleum Refinery official, while saying petrol could fall to N900 per litre,
cautioned that the refinery still had the “expensive crude” in its tanks.
