Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The Dangote Petroleum Refinery has announced a ₦50 per litre reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, adjusting the gantry loading price from ₦1,175 to ₦1,125 per litre. The price adjustment, which took effect at 12:00 a.m. on Thursday, June 25, 2026, was attributed to a decline in global energy costs following a de-escalation of geopolitical tensions in the Middle East.
In a notice to customers and fuel marketers, the refinery confirmed that the coastal supply price had also been reduced, dropping from ₦1,495,215 per metric ton to ₦1,428,165 per metric ton. The refinery further stated that all outstanding unloaded gantry volumes would be repriced at the new rate.
The price cut follows a period of heightened volatility in global oil markets, which had seen crude prices surge dramatically due to direct hostilities involving the United States, Israel, and Iran. The conflict threatened critical shipping lanes and forced the temporary closure of the Strait of Hormuz, a vital marine waterway that controls roughly one-fifth of the global oil supply. Following the de-escalation of hostilities, global oil benchmarks have retreated sharply, with Brent crude falling to approximately $73 per barrel and West Texas Intermediate dropping to around $69 per barrel.
The reduction comes just over a week after the refinery refuted claims that its petroleum products were being exported to Lomé, Togo, and subsequently re-imported into Nigeria. The company described the allegations as unsubstantiated and commercially illogical, stating that it was compelled to respond to what it called an "ill-motivated web of falsehoods".
Industry analysts have noted that the adjustment reflects easing geopolitical pressure and lower feedstock costs, positioning domestic refiners to pass savings to the market when global benchmarks soften. However, marketers are expected to reflect the new ex-depot prices in the coming days, though retail pump prices will still depend on transport costs, retail margins, and logistics. Before the conflict disrupted global energy supply chains, petrol was sold at local retail stations across Nigeria for between ₦770 and ₦800 per litre.
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