Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, lowering the rate by N75 per litre.
The adjustment, communicated to fuel marketers on Monday, brings the refinery’s loading price down from N1,250 per litre to N1,175 per litre. The company also reduced its coastal supply price from N1,595,790 per metric tonne to N1,495,215 per metric tonne.
According to the refinery, the new pricing takes effect from midnight on June 16, 2026, and all pending undelivered gantry orders will be recalculated using the revised rate.
The company attributed the decision to the easing of geopolitical tensions in the Middle East, which had contributed to higher global energy prices in recent months. The decline in international crude oil prices has created room for a downward review of domestic fuel costs.
Market data showed that petrol prices had climbed sharply during the recent conflict involving the United States and Iran, with crude oil prices rising above $120 per barrel at the height of the crisis. In Nigeria, retail petrol prices increased from around N830 per litre to as high as N1,300 per litre, while diesel and aviation fuel prices also recorded significant gains.
However, oil prices have begun to retreat following a ceasefire agreement between Washington and Tehran and moves to reopen the Strait of Hormuz, a critical global shipping route for crude oil exports. Brent crude was trading near $83 per barrel on Monday after falling from recent highs.
Industry observers expect the refinery’s latest price reduction to ease pressure on fuel costs across the country. Some analysts have suggested that continued stability in the international oil market could drive pump prices even lower in the coming weeks.
Despite the optimism, officials at the refinery noted that existing inventories purchased when crude prices were significantly higher could slow the pace of further reductions.
The development is expected to provide some relief for consumers and businesses that have faced rising transportation and energy costs over the past several months.
