Nigeria is experiencing renewed optimism for lower petrol and diesel prices as global crude oil rates decline amid ongoing negotiations between the United States and Iran. Industry sources indicate that the Dangote Petroleum Refinery may soon review its ex-gantry fuel prices if the downward trend in international oil prices persists in the coming days.
Crude Oil Prices Drop on US-Iran Breakthrough
Global oil prices weakened significantly after reports emerged that Washington and Tehran had reached a breakthrough agreement that could reopen the Strait of Hormuz, one of the world's most critical oil shipping routes. Following these reports, Brent crude fell below $84 per barrel, reversing part of the sharp gains recorded in previous weeks.
The easing tensions in the Middle East have raised expectations that global energy prices could decline further, potentially bringing relief to fuel consumers in Nigeria who have battled rising transportation and living costs for months.
Dangote Refinery Monitoring Global Oil Trends
Sources familiar with operations at Dangote Refinery disclosed that any major decision on fuel pricing would largely depend on the direction of global crude oil prices. A senior source within the refinery told Petroleumprice.ng that a reduction in gantry prices is becoming increasingly likely if crude prices continue to soften.
According to the source, the refinery is still managing large volumes of crude purchased at significantly higher prices before the recent market decline. "Yes, ₦900 per litre petrol is possible if oil prices settle down, but we still have expensive crude stock in our tanks," the source reportedly said.
Another insider noted that the proposed US-Iran deal could become a major turning point for Nigeria's fuel market. "If oil prices continue to fall and the US-Iran deal is signed, most likely there's going to be a deduction in price," the source added.
Marketers Slow Purchases Ahead of Possible Price Crash
The expectation of lower fuel prices has already started affecting market behavior. Multiple marketers are reportedly adopting a wait-and-see approach, slowing down bulk purchases in anticipation of cheaper PMS and AGO prices. Market checks indicate that many independent fuel marketers now expect suppliers to adjust prices downward if the international crude market maintains its current trend.
The situation is also intensifying competition among private depots, especially in Lagos, where some operators have already started selling products below prevailing ex-gantry rates in a bid to attract buyers.
Nigerians Hope for Relief at the Pumps
Industry analysts say the coming days could prove decisive for the Nigerian fuel market. Should the US-Iran agreement become official and crude oil prices continue their downward movement, Nigeria may witness one of the biggest fuel price reductions seen in recent months. For millions of Nigerians struggling with high transport fares, food inflation, and rising energy bills, the possibility of cheaper petrol and diesel is generating cautious optimism.
However, experts warn that the pace of any reduction will depend heavily on how quickly refiners exhaust existing high-cost crude inventories and adjust pricing structures to reflect the new realities in the global oil market. Until then, consumers and marketers alike remain on edge, watching global developments that could soon determine the next direction of fuel prices in Nigeria.
Dangote Refinery Cuts Aviation Fuel Price by ₦100
In a related development, Nigeria's aviation sector received a major boost following a fresh reduction in aviation fuel prices by Dangote Petroleum Refinery, a move expected to ease pressure on airlines and potentially reduce operational costs across the industry. The refinery on Saturday, June 6, 2026, cut its ex-depot price for Jet A1 aviation fuel by ₦100 per litre, bringing the loading price down from ₦1,650 to ₦1,550 per litre. Industry platform Petroleumprice.ng confirmed the development through sources familiar with operations at the refinery, noting that the new price has already taken immediate effect for marketers, distributors, and bulk buyers.
