The Dangote Petroleum Refinery has reduced its petrol ex-depot price by N75 per litre, lowering the gantry rate from N1,250 to N1,175, effective Tuesday, June 16, 2026.
The refinery disclosed the adjustment in a circular sent to fuel marketers, noting that the coastal price per metric tonne for Premium Motor Spirit (PMS) has also been cut, from N1,595, 790 to N1,495, 215.
According to the circular, all outstanding unloaded gantry volumes would be repriced at a new rate, effective from 12:00a.m on June 16.
This is the second price cut by the refinery within two months. In May, Dangote had lowered its petrol gantry by N25, from N1,275 to N1,250 per litre.
The latest reduction comes against the backdrop of a broader slide in global crude prices, driven largely by easing tensions in the Middle East.
On Tuesday, Brent crude futures fell $1.44 or 1.7%, to 81.73% a barrel, their lowest level since March 10. U.S. West Texas Intermediate crude dropped a similar margin, shedding $1.55, or 1.9%, to settle at $79.20 a barrel, also a three-month low.
Those declines followed an even sharper drop on Monday, when oil prices fell nearly 5% to their lowest close since March 4, after U.S. President Donald Trump said a Memorandum of Understanding (MoU) had been signed to end the U.S.-Israeli war with Iran.
Explaining the rationale for the review, the refinery tied the decision directly to the geographical shift, stating that the adjustment followed the “de-escalation of tensions in the Middle East, which has impacted energy prices.”
The company also used the circular to thank the marketers for their continued patronage and reaffirmed its commitment to reliable product supply and service delivery.
With crude benchmarks now trading at three-month lows and signs of potential resumption of supply flows through the strait of Hormuz, further price movement at the pump may follow the direction of the global market in the weeks ahead.
