Dangote Petroleum Refinery has further reduced its ex-depot price for Premium Motor Spirit (PMS), also known as petrol, from ₦1,250 to ₦1,175 per litre.
The latest reduction, which reflects a ₦75 per litre cut, takes effect from June 16, 2026.
This comes on the heels of the recent decline in crude oil prices in the international market from about $90 to $83 per barrel, following the de-escalation of geopolitical tensions in the Middle East.
”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 stated in a notice to customers on Monday.
The refinery also cut its coastal loading price from ₦1,595,790 per metric tonne to ₦1,495,215 per metric tonne, reflecting a reduction of ₦100,575 per metric tonne.
Pinnacle Daily reports that the Middle East conflict, involving the United States, Israel and Iran, which started in late February, has roiled the global energy market, causing a significant jump in oil prices, which consequently affected energy products in domestic markets.
The tension seems to be easing following the Sunday announcement by the United States President, Donald Trump, about concluding a deal with Iran to end the conflict.
Trump, in a post on his Truth Social also revealed that he has ordered the removal of all U.S. naval blockage at the Strait of Hormuz, a water channel through which about 20 per cent of the World’s oil and gas shipping passes daily.
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Industry analysts say the reduction of petrol price by Dangote Refinery could lead to lower pump prices nationwide if marketers pass on the cost savings to consumers.
The latest price cut by the refinery is expected to trigger fresh competition in the downstream petroleum market in Nigeria as fuel marketers operating private depots might respond with downward price adjustment.
The refinery said all outstanding unloaded gantry volumes will be repriced at the new rate from the effective date.
It reaffirmed its commitment to fuel supply stability and advancing national energy security.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X