Dangote Refinery cuts petrol price by N75/litre as crude oil drops

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Dangote Refinery

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By Obas Esiedesa, Abuja

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Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, by 6 per cent, or N75 per litre, following a sharp decline in global crude oil prices driven by easing tensions in the Middle East.

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In a circular issued to marketers, the refinery announced that the new ex-gantry price had been lowered from N1,250 per litre to N1,175 per litre, effective from midnight on June 16, 2026.

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The latest adjustment followed a drop in Brent crude, the international oil benchmark, which fell by five per cent to $78.87 per barrel on Tuesday from $82.72 per barrel on Monday. The decline came after an agreement involving the United States and Iran, as well as the reopening of the Strait of Hormuz.

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Explaining the reason for the price reduction, the refinery said the decision was prompted by the de-escalation of geopolitical tensions that had pushed energy prices higher over the past three months.

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“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 refinery stated.

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Under the revised pricing template, the coastal price was also reduced by 6.3 per cent, falling from N1,595,790 per metric tonne to N1,495,215 per metric tonne.

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The company further directed that all outstanding unloaded gantry volumes would be repriced at the new rate.

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“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026,” the circular noted.

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Dangote Refinery expressed appreciation to its customers for their continued patronage and reaffirmed its commitment to maintaining steady product supply across the country.

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“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the company added.

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