Dangote Refinery has further cut its ex-depot price of Premium Motor Spirit (petrol) from ₦1,175 to ₦1,125 per litre, reflecting a ₦50 reduction.
This was confirmed in a notice sent by the refinery to its customers, where it indicated that the gantry loading price has been reduced from ₦1,175 per liter to ₦1,125 per liter, while the coastal supply price has decreased from ₦1,495,215 per metric ton to ₦1,428,165 per metric ton.
This comes as crude oil prices have continued on a downward trend in the international market following the easing of tensions in the Middle East, particularly the war involving the United States, Israel and Iran.
The development has led to a decrease in global energy prices.
The conflict, which has lasted for four months since it began in late February, caused an unprecedented disruption of global energy supply with the closure of the Strait of Hormuz, a critical waterway through which about 20 per cent of world’s oil and gas products passes daily. This pushed up oil prices, reaching a peak of about $120 per barrel at some point.
However, following a recent peace deal struck by the United States and Iran to end the war, oil prices have crashed as trading has resumed with the reopening of the Strait. Oil prices dropped to a level lower than what was recorded before the war started. As of Thursday, June 25, 2026, Brend Crude sold for $74.64, while WTI went for $71.44 per barrel.
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It would be recalled that Dangote Refinery had last week implemented a cut in its ex-depot price of petrol from ₦1,250 to ₦1,175.
The latest price cut by the 700,000 barrels per day refinery is expected to further influence a drop in pump price of petrol across the country, easing pressures on Nigerians.
Petrol retail prices currently range from ₦1,210 to ₦1,300 depending on location.
Nigerians have continued to call for a significant slash pump prices of petroleum products, citing the easing global crude oil price.
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