The Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit (petrol) by ₦75 per litre, dropping the price to ₦1,175 per litre down from ₦1,250.
In a circular sent to fuel marketers, the refinery management stated that the coastal price per metric tonne has also been slashed from ₦1,595,790 to ₦1,495,215.
The new pricing structure took effect at midnight on June 16, 2026, with the refinery noting that all outstanding, unloaded gantry volumes would be automatically repriced at the lower rate.
According to the refinery, the price adjustment directly follows a cooling of geopolitical tensions in the Middle East, which had heavily disrupted global energy markets over the past three months.
Hostilities between the United States and Iran, which erupted on February 28, previously drove crude oil feedstocks above $120 per barrel and forced Nigerian domestic petrol prices to jump from ₦830 per litre to around ₦1,300 per litre.
Following the recent announcement of a ceasefire agreement signed by US President, Donald Trump, to end the conflict and reopen the critical Strait of Hormuz, global Brent crude prices have steadily retreated below $83 per barrel.
Industry data from Petroleumprice.ng reveals that this latest slash positions Dangote refinery as the cheapest source of petrol in the country, undercutting independent marketers who were selling the product for around ₦1,240 on Monday.
Analysts and industry reports suggest that if the Middle East peace deal fully materializes and the oil market continues its downward trend, domestic petrol prices across Nigeria could potentially plummet to as low as ₦900 per litre in the coming days.
While everyday Nigerians eagerly anticipate further relief at the pumps, refinery insiders urge cautious optimism regarding immediate, drastic drops.
A Dangote Petroleum Refinery official confirmed that while a future drop to ₦900 per litre is possible as the international crisis de-escalates, the facility is still processing “expensive crude” bought at peak conflict prices and currently held in its storage tanks.
Nonetheless, the swift price adjustment is widely seen as a positive turning point for domestic energy costs.
