Relief for motorists as Dangote slashes petrol price to ₦1,175

• Dangote Refinery has reduced its petrol depot price from ₦1,250 to ₦1,175 per litre.

• The ₦75 reduction took effect on June 16, 2026.

• The refinery attributed the price cut to easing tensions in the Middle East and lower global oil prices.

• Marketers may lower pump prices if the savings are passed on to consumers.

Motorists and fuel marketers may soon enjoy some relief after Dangote Petroleum Refinery reduced its ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦1,250 per litre to ₦1,175 per litre.

The ₦75 reduction, which took effect on June 16, comes days after global crude oil prices declined following the announcement of a peace agreement between the United States and Iran and plans to reopen the strategic Strait of Hormuz, a key route for global oil shipments. The development eased fears of supply disruptions that had pushed energy prices higher in recent months. 

In a notice to customers, Dangote Refinery said the downward review was prompted by the recent de-escalation of tensions in the Middle East, which has impacted global energy prices. The refinery also reduced its coastal loading price from ₦1,595,790 per metric tonne to ₦1,495,215 per metric tonne. 

The company further stated that all outstanding unloaded gantry volumes would be repriced at the new rate from the effective date. 

The latest reduction is expected to lower the cost of petrol purchases for marketers sourcing directly from the refinery. However, the extent to which consumers benefit will depend on how quickly filling stations adjust their pump prices and whether existing stocks were purchased at higher rates.

The ex-depot price is the amount marketers pay before transportation, storage, distribution and retail margins are added. As a result, changes at the depot level do not always translate immediately into equivalent reductions at filling stations.

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The price adjustment comes as Nigeria's downstream petroleum market continues to respond to developments in the international oil market. In recent months, fluctuations in crude oil prices driven by geopolitical tensions in the Middle East have influenced petrol pricing across the country.

Dangote Refinery's latest move reinforces its growing influence in Nigeria's deregulated fuel market, where pricing decisions by major suppliers increasingly shape market trends.