The Dangote Petroleum Refinery has announced a reduction of N75 per litre in the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, offering fresh relief to marketers and consumers across Nigeria.
Under the revised pricing structure, the refinery lowered its gantry price from N1,250 to N1,175 per litre. It also reduced the coastal price per metric tonne from N1,595,790 to N1,495,215. The new rates took effect from midnight on June 16, 2026.
In a circular sent to fuel marketers, the refinery attributed the price adjustment to improving geopolitical conditions in the Middle East, which had significantly impacted global energy prices in recent months.
The company further announced that all outstanding unloaded gantry volumes would be repriced to reflect the new rates.
Industry figures indicate that the latest reduction makes the Dangote Refinery the most affordable source of petrol in Nigeria’s domestic market, where many independent marketers had been selling the product at approximately N1,240 per litre.
The price cut follows a decline in global crude oil prices amid reports of ongoing diplomatic efforts between the United States and Iran to reopen the Strait of Hormuz, a crucial global oil shipping route.
Market analysts said a recently signed ceasefire agreement has helped calm international energy markets, with Brent crude prices retreating to around $83 per barrel.
Before the ceasefire, crude prices had surged beyond $120 per barrel following the outbreak of hostilities on February 28, sparking fears of supply disruptions and heightened volatility in global oil markets.
Analysts believe the latest reduction by Dangote Refinery could trigger lower pump prices nationwide in the coming days, easing the burden on motorists and businesses already grappling with high energy costs.