The Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦75 per litre, bringing the price down from ₦1,250 to ₦1,175 per litre.
In a notice issued to fuel marketers on Monday, the refinery attributed the price adjustment to the recent easing of geopolitical tensions in the Middle East, which had previously driven global energy prices upward.
The refinery also announced a downward review of its coastal price per metric tonne, reducing it from ₦1,595,790 to ₦1,495,215. According to the notice, the new pricing structure takes effect from midnight on June 16, 2026, and all pending gantry transactions will be adjusted to reflect the revised rates.
Industry analysts say the move mirrors the broader decline in global crude oil prices following reports of reduced tensions in the Middle East and renewed diplomatic efforts surrounding key international shipping routes.
During the period of heightened conflict, crude oil prices rose sharply, leading to increased fuel costs in several countries, including Nigeria. Petrol prices surged significantly, while diesel and aviation fuel also experienced substantial price hikes.
With crude oil prices now trending downward, stakeholders in Nigeria’s downstream petroleum sector are optimistic that consumers could see further reductions in fuel prices in the coming days, provided global market conditions remain stable.
Market observers also believe that continued declines in international crude prices may create room for additional petrol price cuts. However, refiners have noted that existing inventories purchased at higher costs could delay immediate reductions at filling stations across the country.
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