Fuel marketers have been notified of a reduction in the gantry price of Premium Motor Spirit (PMS) popular known as petrol by Dangote Petroleum Refinery, following recent easing in international crude oil tensions.
The new pricing adjustment, contained in a Monday circular to customers, reflects improved stability in global energy markets after months of volatility linked to geopolitical unrest in the Middle East.
According to the refinery, the revised pricing became necessary as crude oil benchmarks began to soften in response to reduced risk concerns across major supply routes.
Under the updated structure, the gantry price of petrol has been reviewed downward from N1,250 per litre to N1,175 per litre.
The coastal benchmark price also dropped from N1,595,790 per metric tonne to N1,495,215.
The company directed that the new rates take effect from midnight, adding that any previously unlifted volumes at the gantry will be repriced starting 12:00 a.m. on June 16, 2026.
In its notice, the refinery also restated its commitment to stable supply and efficient service delivery to marketers across its distribution network.
Market tracking platform Petroleumprice.ng indicates that Dangote Refinery currently leads in competitive pricing, with petrol retailing around N1,240 per litre in several outlets.
The development comes as global oil markets react to improving diplomatic engagement between the United States and Iran over strategic maritime routes, easing earlier fears of supply disruption.
Crude oil prices had previously surged during heightened tensions, climbing from around $83 per barrel to over $120 per barrel at the peak of the crisis, driven by fears of supply constraints.
Nigeria’s fuel market was heavily affected during the period, with pump prices rising from roughly N830 per litre to about N1,300, while diesel and aviation fuel also saw significant increases.
With international oil prices now easing, analysts expect gradual relief in domestic fuel pricing if current market stability continues.
