Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by N75 per litre following a drop in global crude oil prices.
The refinery informed fuel marketers through a circular on Monday, explaining that the decision was influenced by easing tensions in the Middle East, which had previously pushed energy prices higher over the past months.
Under the new pricing structure, the gantry price of petrol has been reviewed downward from N1,250 per litre to N1,175 per litre.
The coastal price has also been reduced from N1,595,790 per metric tonne to N1,495,215 per metric tonne.
The new rates are expected to take effect from midnight on June 16, 2026. The refinery also directed that all pending gantry volumes not yet lifted will be repriced under the new rates from 12:00 a.m.
The development comes as global oil prices began to ease after reports of a ceasefire agreement between the United States and Iran and discussions around reopening key oil shipping routes in the Middle East.
Brent crude had earlier surged above 120 dollars per barrel during months of conflict but later declined to about 83 dollars per barrel as tensions reduced.
In Nigeria, fuel prices had risen significantly during the period of high crude costs, with petrol selling around N1,300 per litre in some parts of the country. Marketers are now adjusting prices as the domestic market responds to the latest reduction from the refinery.
Industry watchers said the new pricing could lead to further adjustments at filling stations in the coming days if global oil prices continue to decline.
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