Nigerian motorists could see some relief soon after the Dangote Petroleum Refinery cut its Premium Motor Spirit pricing, lowering the petrol gantry rate by N75 per litre to N1,175 from N1,250. The refinery also reduced its coastal price for petrol by bringing the figure down from N1,595,790 per metric tonne to N1,495,215.
Price cut details and timing
- The refinery communicated the changes to fuel marketers in a circular issued on Monday.
- It said the new gantry and coastal rates would apply starting Tuesday (today).
- The company indicated the adjustment would take effect from midnight.
- It added that any outstanding unloaded gantry volumes would be re-priced at the updated rate effective 12:00 AM, June 16, 2026.
In the circular, the refinery linked the reduction to what it described as a de-escalation of tensions in the Middle East, noting that the earlier conflict conditions had weighed on energy prices over the preceding three months. The company said it reviewed its premium motor spirit gantry and coastal pricing following that shift in geopolitical conditions.
The move is expected to translate into lower retail fuel costs across Nigeria in the weeks ahead, with petrol prices potentially easing from the current range of N1,317 to N1,335 per litre in Abuja.
Global oil backdrop
The pricing change comes as crude benchmarks fell sharply. Brent and West Texas Intermediate (WTI) slid to $83 and $80 per barrel respectively after U.S. President Donald Trump announced a peace deal with Iran, a development that drove the broad decline in oil prices.
