Dangote Slashes Petrol Price by N75 as Global Oil Market Cools.

Dangote Slashes Petrol Price by N75 as Global Oil Market Cools.

Relief for Nigerians as Dangote Refinery Cuts PMS Price Amid US-Iran Peace Deal.

Nigerians may soon heave a sigh of relief at filling stations across the country as Dangote Petroleum Refinery has announced a major reduction in the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, cutting the price by N75 per litre amid easing tensions in the global oil market.

The refinery, in a circular issued to fuel marketers on Monday, disclosed that the new gantry price for petrol has been reduced from N1,250 per litre to N1,175 per litre, a development expected to trigger fresh competition among fuel marketers and possibly drive pump prices downward in the coming days.

The latest adjustment comes after months of soaring fuel prices caused by the prolonged conflict between the United States and Iran, which disrupted crude oil supply routes and sent global energy prices skyrocketing.

According to the refinery, the decision followed the recent de-escalation of geopolitical tensions in the Middle East, particularly the reported ceasefire agreement between the United States and Iran and ongoing negotiations surrounding the reopening of the strategic Strait of Hormuz.

“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.

The refinery also announced a reduction in its coastal price per metric tonne from N1,595,790 to N1,495,215, adding that the revised rates would take effect from midnight on June 16, 2026.

Dangote Refinery further assured marketers that all outstanding unloaded gantry volumes would be repriced at the new rate.

“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 company said.

Industry observers believe the reduction could mark the beginning of a broader decline in fuel prices nationwide, especially as global crude oil prices continue to retreat following diplomatic breakthroughs in the Middle East.

Data from Petroleumprice.ng showed that Dangote Refinery’s petrol had already become the cheapest on the market, with many independent marketers previously selling around N1,240 per litre before the latest adjustment.

The international oil market had experienced significant volatility over the past three months after hostilities erupted between the United States and Iran on February 28, 2026. During the crisis, crude oil prices surged beyond 120 per barrel at the peak of the conflict, forcing refiners worldwide to increase fuel prices.

In Nigeria, the ripple effect was immediate and severe, with petrol prices jumping from approximately N830 per litre to nearly N1,300 per litre in several parts of the country. Diesel and aviation fuel prices also witnessed sharp increases, worsening inflationary pressure and transportation costs.

However, signs of stability have now emerged after both Washington and Tehran reportedly agreed to end hostilities and partially reopen the Strait of Hormuz, one of the world’s most critical oil shipping routes.

Oilprice.com reported that Brent crude, the global oil benchmark, which had climbed to about 83 per barrel earlier in the week, has since continued a downward slide as investor confidence gradually returned to the market.

The development has sparked optimism among Nigerians already burdened by the high cost of living, with many hoping that pump prices could soon fall below N1,000 per litre.

The PUNCH had earlier reported that petrol prices could potentially drop to around N900 per litre if peace efforts between the United States and Iran are sustained and crude oil prices continue to decline.

However, a senior official of Dangote Petroleum Refinery cautioned that any major reduction in pump prices may not happen immediately because the refinery still has significant volumes of previously purchased expensive crude oil in storage.

Despite the caution, energy analysts say the latest price cut is a strong signal that the domestic fuel market may finally be heading toward some stability after months of uncertainty and price shocks.

For millions of Nigerians struggling with rising transportation fares, food inflation, and energy costs, the reduction by Dangote Refinery offers renewed hope that the worst of the fuel crisis could soon be over.