Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, popularly known as petrol, by N75 per litre, citing improved conditions in the global energy market following the easing of geopolitical tensions in the Middle East.
The refinery announced the price adjustment in a notice issued to fuel marketers on Monday, stating that the development was influenced by recent stability in international crude oil prices.
Under the new pricing structure, the gantry price of petrol has been lowered from N1,250 per litre to N1,175 per litre. Similarly, the coastal supply price was reviewed downward from N1,595,790 per metric tonne to N1,495,215 per metric tonne.
According to the refinery, the revised rates became effective from midnight on June 16, 2026.
The company also disclosed that all outstanding fuel volumes yet to be loaded would be recalculated using the new price template.
Dangote Refinery expressed appreciation to its customers for their continued support and reaffirmed its commitment to maintaining a steady supply of petroleum products across the country.
Industry data obtained from Petroleumprice.ng indicated that the refinery’s latest adjustment has positioned its petrol as one of the most competitively priced products in the market, with many marketers reportedly selling at about N1,240 per litre before the reduction.
The latest price cut comes amid a decline in crude oil prices following diplomatic efforts between the United States and Iran aimed at restoring stability in the Middle East and facilitating the reopening of the Strait of Hormuz, a critical global oil shipping route.
Crude oil prices had surged significantly after hostilities broke out between both countries in February, pushing the cost of Brent crude beyond $120 per barrel at the height of the crisis.
The spike triggered increases in fuel prices across several markets, including Nigeria.
During the period, the pump price of petrol in Nigeria rose from around N830 per litre to approximately N1,300 per litre, while diesel and aviation fuel also recorded substantial increases.
However, with international crude prices now trending downward following a ceasefire agreement between Washington and Tehran, analysts expect further reductions in domestic fuel prices in the coming weeks.
Reports from the global oil market showed that Brent crude continued to weaken on Monday after news of the peace accord emerged, boosting optimism that energy costs could moderate further.
Industry stakeholders have suggested that petrol prices could fall below the N1,000 mark if the current stability in the oil market is sustained.
Some projections have placed a potential retail price around N900 per litre.
Despite the optimism, officials at Dangote Refinery noted that the company still holds crude oil purchased at significantly higher prices during the peak of the crisis, a factor that may affect the pace of future reductions.
The latest adjustment is expected to provide some relief to consumers and businesses grappling with the impact of high energy costs on transportation and other economic activities.