Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, PMS, popularly known as petrol, by 6 per cent, or N75 per litre, following a sharp decline in global crude oil prices driven by easing tensions in the Middle East.
In a circular issued to marketers, the refinery announced that the new ex-gantry price had been lowered from N1,250 per litre to N1,175 per litre, effective from midnight on Tuesday.
The latest adjustment followed a drop in Brent crude, the international oil benchmark, which fell by five per cent to $78.87 per barrel on Tuesday from $82.72 per barrel on Monday. The decline came after an agreement involving the United States and Iran, as well as the reopening of the Strait of Hormuz.
Explaining the reason for the price reduction, the refinery said the decision was prompted by the de-escalation of geopolitical tensions that had pushed energy prices higher over the past three months.
“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 refinery stated.
Under the revised pricing template, the coastal price was also reduced by 6.3 per cent, falling from N1,595,790 per metric tonne to N1,495,215 per metric tonne.
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The company further directed that all outstanding unloaded gantry volumes would be repriced at the new rate.
“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026,” the circular noted.
Dangote Refinery expressed appreciation to its customers for their continued patronage and reaffirmed its commitment to maintaining steady product supply across the country.
“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the company added.
