Dangote Refinery Slashes Petrol Price as Middle East Tensions Ease

Dangote Refinery has reduced petrol prices as Middle East tensions ease.

Philips News reports that Dangote Petroleum Refinery has announced a fresh reduction in the ex-depot price of Premium Motor Spirit (PMS), lowering its gantry price by N75 per litre. The adjustment brings the refinery’s petrol loading price down to N1,175 per litre from the previous N1,250, offering some relief to fuel marketers and potentially consumers.

This newspaper understands that the refinery disclosed the new pricing structure in a notice issued to its customers on Monday, explaining that the decision was influenced by recent developments in the global energy market. According to the company, easing geopolitical tensions in the Middle East have contributed to softer energy prices, creating room for a downward review of petrol costs.

“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.

Under the revised pricing framework, the coastal price has also been reduced, falling from N1,595,790 per metric tonne to N1,495,215 per metric tonne. Dangote Refinery stated that the new rates would take effect from midnight on June 16, 2026, with all pending unloaded gantry volumes to be recalculated based on the updated price.

“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026.

“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the circular noted.

According to Petroleumprice.ng, the Dangote refinery is now the cheapest petrol, as many marketers sold it for around N1,240 on Monday.

The latest price reduction comes as concerns in the global oil market begin to ease, following reports of ongoing diplomatic talks between the United States and Iran aimed at reopening the Strait of Hormuz. The development has helped calm supply fears that previously pushed energy prices higher.

Meanwhile, PhilipsNews reports that crude oil prices, which climbed to around $83 per barrel amid heightened geopolitical uncertainty, have shown signs of stabilizing as investors react to reports of progress in the negotiations. The improved outlook has contributed to softer fuel pricing across key markets.