Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) by N75 per litre, citing falling global crude oil prices following the de-escalation of tensions in the Middle East.
The refinery lowered its gantry price from N1,250 to N1,175 per litre, effective from midnight on June 16, 2026. Its coastal loading price was also cut by N100,575 per metric tonne.
In a circular to customers and marketers, the company directly linked the adjustment to recent global market developments.
“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 reduction is expected to trigger further price competition among marketers and could lead to lower pump prices at filling stations nationwide.
The move comes as Brent crude fell to around $83 per barrel on Monday after the announcement of a US-Iran ceasefire agreement and the reopening of the Strait of Hormuz.
Industry observers view the price cut as an early sign of how international oil market changes are now more directly influencing Nigeria’s deregulated domestic fuel sector.
Dangote Refinery assured customers of continued reliable supply and expressed appreciation for their patronage.
