Olushola Omogbehin
Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by N75 per litre
In the circular to fuel marketers on Monday, the refinery said the adjustment is sequel to the de-escalation of the tension in the Middle East, which had impacted energy prices in the past three months.
“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 gantry/coastal price,” the circular stated.
It said that the new gantry price is now N1,175 per litre, down from N1,250, while the coastal price per metric tonne has been reduced from N1,595,790 to N1,495,215. The new rates will take effect from midnight.
“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026.
“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the circular noted.
According to Dangote, the latest slash in price came amid easing tensions in the global oil market following reports of ongoing negotiations between the United States and Iran over the reopening of the Strait of Hormuz.
Oil prices, which had surged to about 83 per barrel as of Monday after Trump announced the signing of the deal.
Crude oil, the major feedstock for fuel production, had risen sharply since the outbreak of hostilities between the United States and Iran on February 28. During the three-month conflict, crude prices climbed above 120 per barrel, triggering higher fuel prices.
In Nigeria, petrol prices rose from about N830 per litre to around M1,300 per litre during the period. Diesel and aviation fuel prices also recorded significant increases.
With US President Donald Trump announcing the signing of the peace deal and a partial reopening of the Strait of Hormuz, oil prices further crashed, fuelling speculation of more fuel price reductions in the coming days, should the crisis fully de-escalate.
Nigerians expect more drops in the price of petrol. However, a Dangote Petroleum Refinery official, while saying petrol could fall to N900 per litre, cautioned that the refinery still had the “expensive crude” in its tanks.
