Dangote Petroleum Refinery has announced a reduction in its ex-gantry petrol price, cutting the rate by N75 per litre from N1,250 to N1,175.
The adjustment comes amid a sustained decline in global crude oil prices and had been largely anticipated by fuel marketers monitoring developments in the international energy market.
The revised pricing structure will take effect from 12 am on June 16, 2026. In addition to the new rate, the refinery instructed that all outstanding gantry volumes yet to be loaded should be recalculated using the updated price from the effective date.
As part of the latest review, the refinery also lowered its coastal loading price by N100,575 per metric tonne, bringing it down from N1,595,790 to N1,495,215.
The move strengthens the refinery’s position within Nigeria’s highly competitive downstream petroleum sector and is expected to intensify pricing competition among fuel suppliers.
According to a notice issued to customers, the decision was influenced by easing geopolitical tensions in the Middle East, a development that has helped stabilise international energy markets after a period of uncertainty and price fluctuations.
The notice reads: “All outstanding unloaded gantry volumes will be repriced at the new rate from the effective date.”
Industry observers expect private depot operators to react by implementing additional price cuts in an effort to remain competitive with the refinery’s newly adjusted rates.
A number of depot operators have already begun making changes. Data obtained by Petroleumprice.ng on Monday, June 15, 2026, indicated that A.A Rano, Aiteo, and Integrated Oil had reduced their petrol prices, bringing the average rate to N1,240.
Reason for drop in Petrol priceÂ
The latest decline in petrol prices is linked to improving conditions in the Middle East, particularly ongoing negotiations involving the United States and Iran over the Strait of Hormuz.
The easing of concerns surrounding the strategic waterway has contributed to a downward trend in global crude oil prices.
Market figures showed Brent crude trading 0.59% lower at $82.68 per barrel as of 06:45 (WAT), while WTI crude slipped 0.42% to $80.41 per barrel.
Confidence in the market also received a boost after the LNG tanker Disha successfully navigated the Strait of Hormuz on Monday en route to India, a sign that energy shipments from the Gulf region may be gradually returning to normal levels.
Stakeholders within the petroleum industry believe the development could translate into further reductions in fuel costs across the country, provided marketers pass on the resulting savings to consumers through lower pump prices.
