In a major boost for Nigerian consumers, the Dangote Petroleum Refinery has announced a price cut of N75 per litre for Premium Motor Spirit (PMS), commonly known as petrol, at its gantry gates.
The price adjustment follows a visible cooling of geopolitical tensions in the Middle East, which had previously sent global energy markets into a tailspin.
New Dangote petrol prices and effective date
According to an official circular sent to petroleum marketers, the price review took effect at midnight on June 16, 2026.
The pricing structure has been adjusted as follows:
Gantry Price: Reduced to N1,175 per litre, down from the previous N1,250 per litre.
Coastal Price: Lowered to N1,495,215 per metric tonne, down from N1,595,790.
The refinery management confirmed that all outstanding, unloaded gantry volumes would automatically be re-priced at the new lower rate. Industry data indicates that this move positions Dangote as the most affordable wholesale petrol supplier in the country, undercutting independent marketers who were selling at roughly N1,240 just a day prior.
Middle East de-escalation drives down crude oil
The sudden relief in domestic fuel pricing is directly linked to shifting dynamics in the global oil market. Following a three-month conflict between the United States and Iran that began on February 28, global oil benchmarks have finally broken their upward trajectory.
During the peak of the hostilities, crude oil spiked past $120 per barrel, forcing Nigerian pump prices to jump from around N830 to nearly N1,300 per litre.
However, market pressures eased dramatically on Monday after US President Donald Trump announced the signing of a peace accord with Iran. The diplomatic breakthrough includes a partial reopening of the strategic Strait of Hormuz, causing Brent crude to plunge toward the $83 per barrel mark.
Will Nigerian Pump Prices Drop to N900?
While energy experts suggest that retail petrol prices could potentially slide down to N900 per litre if global markets continue to stabilise, a full crash may take some time.
An official from the Dangote Refinery noted that while further drops are possible as the regional crisis de-escalates, the facility is still processing some of the more expensive crude oil stocks currently held in its storage tanks.
Nevertheless, the immediate N75 reduction marks a critical step toward broader economic relief for Nigerian motorists.
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