The adjustment was communicated to fuel marketers in a circular issued on Monday, with the refinery stating that the review followed improvements in the international oil market after months of geopolitical uncertainty.
“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 new pricing structure, the gantry price of petrol has been reduced from N1,250 per litre to N1,175 per litre. The coastal price per metric tonne was also cut from N1,595,790 to N1,495,215.
The refinery said the revised rates would take effect from midnight on June 16, 2026.
“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.
Market data from Petroleumprice.ng indicated that the refinery’s new rate makes it the lowest-priced source of petrol in the country, with many marketers reportedly selling the product at about N1,240 per litre on Monday.
The latest reduction comes amid a decline in global crude oil prices following reports of negotiations between the United States and Iran aimed at reopening the Strait of Hormuz and easing tensions in the Middle East.
Crude oil prices had risen significantly since hostilities between the two countries began on February 28, climbing above $120 per barrel during the three-month conflict and pushing up fuel prices across several markets.
In Nigeria, petrol prices increased from around N830 per litre to approximately N1,300 per litre within the period, while diesel and aviation fuel also recorded substantial price increases.
Recent developments in the global oil market, however, have triggered a reversal in crude prices. Reports indicate that Brent crude fell from about $83 per barrel following the announcement of a ceasefire agreement between the United States and Iran and the gradual reopening of the Strait of Hormuz.
The easing of crude oil prices is expected to support further reductions in domestic fuel prices in the coming weeks.
Industry observers have projected that petrol prices could decline further if stability is sustained in the global oil market. However, an official of the Dangote refinery cautioned that the company still holds crude purchased at higher prices, a factor that could influence the pace of future reductions.