Dangote Refinery Lowers Petrol Price by N75 per Litre as Crude Oil Prices Fall

By Obas Esiedesa, Abuja

Dangote Petroleum Refinery announced a 6 percent reduction in the ex‑depot price of Premium Motor Spirit (PMS), commonly known as petrol, amounting to N75 per litre. The change follows a sharp decline in global crude oil prices, attributed to easing tensions in the Middle East.

In a circular sent to marketers, the refinery stated that the new ex‑gantry price would be N1,175 per litre, down from N1,250 per litre, effective midnight on 16 June 2026.

The adjustment comes after Brent crude, the international oil benchmark, fell 5 percent to $78.87 a barrel on Tuesday, compared with $82.72 a barrel the previous day. The drop followed an agreement between the United States and Iran and the reopening of the Strait of Hormuz.

Explaining the rationale, the refinery said the price cut was prompted by the de‑escalation of geopolitical tensions that had driven energy prices higher over the past three months.

“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 said.

Under the revised pricing structure, the coastal price also fell by 6.3 percent, from N1,595,790 per metric tonne to N1,495,215 per metric tonne.

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

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

Dangote Refinery thanked its customers for their continued patronage and reaffirmed its commitment to maintaining a steady supply of products across the country.

“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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