Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit (petrol), slashing it by N75 per litre in a move that is expected to ease pressure on fuel costs across Nigeria. The decision, announced in a circular to marketers, takes effect from midnight on June 16, 2026, and reflects recent changes in the global oil market.
According to the refinery, the new gantry price now stands at N1,175 per litre, down from N1,250, while the coastal price per metric tonne has also been reduced from N1,595,790 to N1,495,215. The company also directed marketers that all outstanding gantry volumes would be repriced at the new rate starting 12:00 AM on the effective date.
The price adjustment was linked to easing geopolitical tensions in the Middle East, particularly developments surrounding negotiations between the United States and Iran over the reopening of the Strait of Hormuz. These developments have contributed to a decline in global crude oil prices after months of volatility that previously pushed energy costs higher worldwide.
In Nigeria, fuel prices had surged significantly during the peak of the crisis, with petrol rising from about N830 per litre to nearly N1,300 per litre, alongside increases in diesel and aviation fuel. The latest reduction from the Dangote refinery is expected to influence market pricing and could trigger further downward adjustments by fuel marketers in the coming days.
Market analysts say the continued drop in crude oil prices may bring additional relief to consumers if global stability persists, though some caution that domestic fuel prices will still depend on crude stock costs already held by refiners. For now, Nigerians are watching closely as expectations build around possible further reductions in pump prices.
source: punch