Dangote Petroleum Refinery has announced a reduction in its ex-gantry petrol price by N75 per litre, bringing the new price to N1,175. The adjustment, effective from 12:00 a.m. on June 16, 2026, follows a decline in international crude oil prices and easing geopolitical tensions in the Middle East.
New Pricing Details
The refinery's notice to customers stated that all outstanding unloaded gantry volumes will be repriced at the updated rate from the effective date. Additionally, the coastal loading price was reduced by N100,575 per metric tonne, from N1,595,790 to N1,495,215, strengthening Dangote's competitive position in Nigeria's downstream petroleum market.
Market Response and Competition
Industry observers expect private depot operators to respond with further price reductions in the coming days to remain competitive. Some depots have already adjusted prices: A.A Rano, Aiteo, and Integrated Oil reduced their petrol prices to an average of N1,240 on Monday, according to data from Petroleumprice.ng.
Reasons for Price Drop
The reduction is primarily driven by de-escalation of tensions in the Middle East, particularly negotiations between the United States and Iran over the Strait of Hormuz. Market data showed Brent crude dipped 0.59% to $82.68 per barrel, while WTI fell 0.42% to $80.41 per barrel. The successful transit of the LNG tanker Disha through the Strait of Hormuz on Monday further improved market sentiment, indicating a gradual resumption of energy flows from the Gulf.
Industry operators suggest that if marketers pass on the cost savings to consumers, retail pump prices could decline nationwide.
Context: NNPC Raises Crude Prices
Earlier, the Nigerian National Petroleum Company Limited (NNPCL) increased official selling prices for its crude oil grades for May-loading cargoes by up to $7 per barrel, reacting to rising geopolitical tensions between the US and Iran. This adjustment affected all 37 Nigerian crude streams.
