Dangote Refinery Reduces Petrol Price by N75, Sends Message to Customers on New Rates
- Dangote Refinery has reduced its petrol gantry price by N75 per litre, a move widely linked to easing geopolitical tensions
- The new price means the refinery is now selling Premium Motor Spirit at N1,175 per litre, below major depots
- Global crude oil movements and Middle East stability are increasingly shaping petrol pricing in Nigeria
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Dangote Petroleum Refinery has reduced its ex-gantry petrol price to N1,175 per litre, representing a N75 reduction from N1,250 per litre, in a move widely expected by fuel marketers following recent declines in international crude oil prices.
The new price takes effect at 12 am on June 16, 2026, and the refinery also directs that all outstanding unloaded gantry volumes be repriced at the updated rate effective from that date.
Source: UGC
Dangote, marketers price competition
The refinery also reduced its coastal loading price by N100,575 per metric tonne, from N1,595,790 to N1,495,215, further reinforcing its competitive positioning in Nigeria’s downstream petroleum market.
According to the refinery’s notice to customers, the adjustment followed the de-escalation of tensions in the Middle East, which had previously driven volatility in global energy prices.
The notice reads:
"All outstanding unloaded gantry volumes will be repriced at the new rate from the effective date."
Private depot operators are likely to respond with further price reductions in the coming days to remain competitive with Dangote Refinery’s revised rates.
Some depot owners have already adjusted prices.
On Monday, June 15, 2026, data obtained by Petroleumprice.ng showed that A.A Rano, Aiteo, and Integrated Oil reduced their petrol prices to an average rate of N1,240.
Source: Getty Images
Why is petrol price dropping?
The reduction in petrol prices is driven by easing tensions in the Middle East, particularly negotiations between the United States and Iran over the Strait of Hormuz, which has led to a decline in global crude oil prices.
Market data showed that Brent crude dipped 0.59% to $82.68 per barrel at 06:45 (WAT) as WTI fell 0.42% to $80.41 per barrel.
Market sentiment improved further after the LNG tanker Disha completed a successful transit through the Strait of Hormuz on Monday while heading to India, an indication that energy flows from the Gulf may be gradually resuming.
Industry operators say the development could eventually lead to lower fuel prices nationwide if marketers reflect the cost savings in retail pump prices.
NNPC raises crude oil prices by $7 per barrel
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) increased the official selling prices (OSPs) of its crude oil grades for May-loading cargoes by as much as $7 per barrel.
The latest adjustment comes as global crude oil markets react sharply to rising geopolitical tensions between the United States and Iran.
Industry data shows that NNPCL reviewed prices upward across all 37 Nigerian crude streams.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
