The Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit, popularly known as petrol, by N75 per litre, citing improved conditions in the international energy market.
The latest adjustment, announced in a notice issued to fuel marketers on Monday, lowers the refinery’s gantry price from N1,250 per litre to N1,175 per litre.
According to the company, the review was prompted by the easing of geopolitical tensions in the Middle East, a development that has contributed to a decline in global energy prices after months of volatility.
The refinery also announced a reduction in its coastal supply price, bringing the cost per metric tonne down from N1,595,790 to N1,495,215.
The revised pricing structure took effect from midnight on June 16, 2026.
In the circular, the company stated that all outstanding gantry volumes yet to be loaded would be recalculated using the new pricing template.
The refinery expressed appreciation to its customers for their continued support and reaffirmed its commitment to maintaining steady product supply across the country.
Industry data indicated that the adjustment has positioned the Dangote refinery among the most competitive suppliers in the domestic market, with several marketers previously selling petrol sourced from the facility at around N1,240 per litre.
The price cut comes amid growing optimism in the global oil market following diplomatic efforts between the United States and Iran aimed at ending months of hostilities and restoring stability to key crude oil supply routes, including the Strait of Hormuz.
Crude oil prices had surged sharply after tensions escalated between both countries earlier in the year, climbing above $120 per barrel at the peak of the crisis and triggering increases in fuel prices worldwide.
In Nigeria, the impact was reflected in higher pump prices, with petrol rising from about N830 per litre to roughly N1,300 per litre during the period. Diesel and aviation fuel prices also recorded significant increases.
However, with international crude prices now trending downward, industry stakeholders expect further reductions in the cost of refined petroleum products.
Market analysts believe the refinery’s latest move could signal additional relief for consumers if the decline in global crude prices is sustained.
There is also growing speculation that retail petrol prices could fall further in the coming weeks, although industry operators have cautioned that existing stocks purchased at higher crude oil costs may temporarily slow the pace of reductions.
The development is expected to intensify competition within the downstream petroleum sector while offering some respite to businesses and households grappling with high energy costs.
0 Comments