Dangote Slashes Petrol Price by N50 Following Crude Drop
The Dangote Petroleum Refinery has reduced its petrol gantry price by N50 per litre, lowering it from N1,175 to N1,125 per litre following the further decline in global crude oil prices amid easing tensions in the Middle East.
A notice sent to customers by the refinery’s Group Commercial Operations and obtained showed that the new pricing regime takes effect from 12 am on Thursday.
The notice stated that the refinery had reviewed its premium motor spirit prices following the de-escalation of tensions in the Middle East, which has impacted energy prices globally.
“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.
Under the revised pricing structure, the coastal price was reduced from N1,495,215 per metric tonne to N1,428,165 per metric tonne, while the gantry price was cut from N1,175 per litre to N1,125 per litre.
The refinery also informed customers that all outstanding unloaded gantry volumes would be repriced at the new rate effective June 25. “Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 25, 2026,” the notice added.
Petroleumprice.ng also confirmed the latest drop in Dangote’s petrol price.
The latest adjustment comes as crude oil prices continue to retreat following reports of progress in diplomatic engagements between the United States and Iran aimed at reducing tensions in the Middle East and ensuring the uninterrupted flow of oil through the Strait of Hormuz.
Oil prices had surged above $100 per barrel during the conflict, reaching as high as $120 per barrel at some points, contributing to higher fuel prices across global markets.
In Nigeria, petrol prices rose sharply during the period, with pump prices climbing above N1,300 per litre in several locations. Diesel and aviation fuel prices also increased significantly, raising concerns among businesses and transport operators.
Though the latest reduction by the Dangote refinery is marginal, it is expected to trigger fresh adjustments in depot and retail petrol prices across the country, offering some relief to consumers and businesses grappling with high energy costs.
Economic Confidential had reported that the price of petrol remained high even as crude oil prices crashed to $73 per barrel on Wednesday, their lowest level since the US-Iran conflict began in February.
According to Oilprice.com, crude oil fell from $76.75 per barrel on Tuesday to $73.50 per barrel on Wednesday, extending the decline in oil prices since the United States and Iran signed a peace deal.
However, petrol prices have yet to drop in line with the latest crude oil rates. As of Thursday, many filling stations were still selling petrol at about N1,205 per litre, a price many consumers said does not reflect current global oil prices.
Following the drop in crude oil prices from a high of about $120 per barrel during the United States-Iran conflict to around $73 after a peace deal was reached on June 14, many Nigerians expected petrol prices to fall below N1,000 per litre. That expectation has yet to materialise.
Economic Confidential recalls that the Dangote refinery increased its gantry price from N774 to N874 per litre when the Middle East crisis started. This came as crude oil prices rose to $84 per barrel from below $70 in the days leading up to the airstrikes involving the United States, Iran, Israel, and other countries. Filling stations had earlier raised petrol prices from about N830 to over N1,300 per litre during the crisis.
With crude oil prices now coming down, stakeholders expect petrol prices to fall below the current level of over N1,200 per litre. The Dangote refinery has been known for determining Nigeria’s fuel rates since 2024.