BREAKING: Dangote Refinery Reduces Petrol Price By N75 Per Litre After Reopening Of Strait Of Hormuz The Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by N75 per litre.The adjustment lowers the gantry price to N1,175 per litre, down from N1,250, while the coastal price per metric tonne has been reduced from N1,595,790 to N1,495,215. The new rates took effect at midnight on June 16, 2026.In a circular sent to fuel marketers, the refinery explained that the price review followed a de-escalation of geopolitical tensions in the Middle East, which had impacted global energy markets over the past three months.The announcement noted that all outstanding unloaded gantry volumes would be repriced at the new rate.Data from energy tracking platforms indicates the adjustment makes the Dangote refinery the cheapest source of petrol in the domestic market, where many marketers previously sold the product for around N1,240 per litre.The reduction comes as global oil prices ease following reports of ongoing negotiations between the United States and Iran over the reopening of the Strait of Hormuz.A recently signed ceasefire agreement caused Brent crude, the global benchmark, to drop toward $83 per barrel.
Prior to the peace deal, crude oil prices had risen sharply above $120 per barrel following the outbreak of hostilities on February 28.
