The Dangote Petroleum Refinery has reduced the price of Premium Motor Spirit (PMS), also known as petrol, by ₦50 per litre, bringing its gantry price down from ₦1,175 to ₦1,125 per litre. The price cut follows a continued drop in global crude oil prices after tensions in the Middle East eased.
The new pricing was announced in a notice sent to customers by the refinery’s Group Commercial Operations. According to the company, the revised prices became effective from 12:00 a.m. on Thursday, June 25, 2026.
The refinery explained that the decision was made after improvements in the global energy market caused by the de-escalation of the conflict in the Middle East. With tensions easing, crude oil prices have continued to fall, leading to lower costs in the international oil market.
In its statement, Dangote Refinery said it had reviewed the prices of its Premium Motor Spirit to reflect the latest market conditions. The company added that customers with outstanding petrol orders that had not yet been loaded would automatically benefit from the new pricing.
Under the revised pricing structure, the gantry price was reduced from ₦1,175 to ₦1,125 per litre, while the coastal price dropped from ₦1,495,215 to ₦1,428,165 per metric tonne. The company confirmed that all outstanding unloaded gantry volumes would be repriced at the new rate.
The latest reduction was also confirmed by petroleum industry price monitoring platform Petroleumprice.ng, which reported that the refinery had officially adjusted its prices downward.
The development comes as international crude oil prices continue to decline following diplomatic progress between the United States and Iran. The improved relationship has reduced concerns over disruptions to oil supplies through the Strait of Hormuz, one of the world’s busiest oil shipping routes.
During the peak of the Middle East crisis, crude oil prices climbed above $100 per barrel and at one point reached around $120 per barrel. The increase pushed up fuel prices across many countries, including Nigeria.
As global oil prices rose, petrol prices in Nigeria also increased sharply. In many parts of the country, motorists paid more than ₦1,300 per litre, while the prices of diesel and aviation fuel also surged, putting additional pressure on businesses and transport operators.
Although the latest reduction by Dangote Refinery is relatively small, industry observers believe it could encourage fuel depots and filling stations across the country to lower their pump prices in the coming days.
Despite the fall in crude oil prices to around $73 per barrel, many filling stations are still selling petrol for about ₦1,205 per litre, leaving many Nigerians disappointed that pump prices have not dropped further.
Many consumers had expected petrol prices to fall below ₦1,000 per litre after global oil prices declined significantly. However, that expectation has not yet been met.
Earlier in the year, Dangote Refinery increased its petrol price from ₦774 to ₦874 per litre as crude oil prices rose during the Middle East conflict. Filling stations also adjusted their prices upward, with petrol selling for over ₦1,300 per litre in several cities.
With crude oil prices now on a downward trend, stakeholders in the petroleum industry are hopeful that further reductions in fuel prices will follow, providing much-needed relief for households, transport operators, and businesses struggling with high energy costs.
