The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre, from ₦1,250 per litre to ₦1,175 per litre, effective from midnight on June 16.
The refinery attributed the reduction to the easing of geopolitical tensions in the Middle East, which has led to a decline in global crude oil prices.
“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 company stated.
The coastal supply price was also reduced from ₦1,595,790 to ₦1,495,215 per metric tonne. Dangote Refinery added that all outstanding gantry volumes not yet unloaded would be repriced at the new rate.
The price adjustment follows months of volatility in the international oil market, driven by tensions involving the United States and Iran that disrupted supply routes through the Strait of Hormuz and pushed crude oil prices sharply higher.
The recent easing of tensions and the reopening of key shipping channels have contributed to a decline in global oil benchmarks, creating room for refiners to lower fuel prices.
The development further underscores the growing influence of domestic refining on Nigeria’s energy market. Since commencing operations, the 650,000-barrels-per-day Dangote Refinery has increasingly shaped fuel supply and pricing dynamics, reducing dependence on imported petroleum products.
Several marketers were already retailing petrol at about ₦1,240 per litre before the latest reduction, and industry observers expect filling stations to adjust prices downward in the coming days.
