The Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, by N75 per litre.
According to a circular issued to fuel marketers, the refinery reduced the gantry price from N1,250 per litre to N1,175 per litre. It also lowered the coastal price per metric tonne from N1,595,790 to N1,495,215. The new pricing structure took effect from midnight on June 16, 2026.
The refinery attributed the price adjustment to easing geopolitical tensions in the Middle East, which had influenced global energy markets over the past three months.
The circular further stated that all outstanding unloaded gantry volumes would be recalculated based on the new pricing.
Industry data indicates that the latest reduction positions the Dangote refinery as the most competitive supplier of petrol in Nigeria’s domestic market, where many marketers had been selling the product at about N1,240 per litre.
The development comes amid a decline in global crude oil prices following reports of ongoing diplomatic talks between the United States and Iran aimed at reopening the Strait of Hormuz.
In addition, a recently signed ceasefire agreement has contributed to a drop in Brent crude prices, with the international benchmark falling towards $83 per barrel. Before the truce, crude oil prices had surged above $120 per barrel after hostilities erupted on February 28.
The latest price cut is expected to provide relief to fuel marketers and consumers, while potentially influencing pump prices across the country.
