Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, by N75 per litre.
The refinery announced the price reduction in a circular issued to fuel marketers on Monday.
According to the circular, the decision followed the easing of tensions in the Middle East, which had influenced global energy prices over the last three months.
Under the new pricing structure, the gantry price of petrol has been reduced from N1,250 per litre to N1,175 per litre.
The refinery also lowered its coastal price per metric tonne from N1,595,790 to N1,495,215.
The circular stated: “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.”
Dangote Refinery said the new prices took effect from midnight on June 16, 2026.
It added: “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.”
Despite the reduction, many fuel marketers reportedly continued selling petrol at higher prices. Data from Petroleumprice.ng showed that several filling stations sold the product at about N1,240 per litre on Monday.
The latest price adjustment comes amid reduced pressure in the global oil market following reports of negotiations between the United States and Iran over the reopening of the Strait of Hormuz.
Oil prices had risen to about $83 per barrel on Monday after reports emerged that a deal had been reached.
Crude oil prices had surged significantly since hostilities broke out between the United States and Iran on February 28, climbing above $120 per barrel during the three-month conflict and pushing up fuel prices globally.
In Nigeria, petrol prices increased from about N830 per litre to around N1,300 per litre during the period. Diesel and aviation fuel prices also recorded substantial increases.
With crude oil prices now declining, the latest reduction by Dangote Refinery is expected to provide some relief to consumers and may contribute to lower pump prices across the country.
