Dangote Refinery Lowers Petrol Price to N1,175 per Litre, Easing Costs for Nigerians

Yesterday, Dangote Petroleum Refinery announced a significant reduction in its ex‑gantry petrol price, cutting the rate by N75 per litre from N1,250 to N1,175, giving a notable boost to Nigeria’s downstream petroleum market.

The new pricing, effective from 12 am on June 16, follows the recent de‑escalation of geopolitical tensions in the Middle East and a sharp decline in international crude‑oil prices.

The refinery said, “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 (PMS) gantry/coastal price.”

The refinery also cut its coastal loading price by N100,575 per metric tonne, reducing the rate from N1,595,790 to N1,495,215 per metric tonne.

The communication states that all outstanding unloaded gantry volumes will be repriced at the new rate from the effective date.

The adjustment is expected to spark fresh competition across Nigeria’s downstream market, with private depot operators likely to follow with additional price cuts in the coming days.

The development follows a sharp correction in global oil markets after the United States and Iran moved closer to a diplomatic agreement that could restore stability to the Strait of Hormuz, a key global oil shipping route.

Over the past week, heightened tensions among Iran, Israel, and the United States had pushed crude‑oil prices higher amid fears of supply disruptions.

However, optimism about a potential peace deal reversed those gains, pulling international