The Dangote Petroleum Refinery has announced a reduction in its petrol gantry price by N75, reducing the ex-depot rate from N1,250 to N1,175 per litre.
The company, in a circular to marketers on Monday, said the price adjustment takes effect from 16 June.
“The new gantry price is now N1,175 per litre, down from N1,250, while the coastal price per metric tonne has been reduced from N1,595,790 to N1,495,215.
“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 a.m., June 16, 2026,” the circular reads.
The refinery had announced in May a reduction in its petrol gantry price by N25, lowering the ex-depot rate from N1,275 to N1,250 per litre.
The reduction is part of the market’s response to recent fluctuations in global crude oil prices.
On Tuesday, oil prices slid to fresh three-month lows as markets weighed prospects for a resumption of supplies through the Strait of Hormuz.
Brent crude futures were down $1.44, or 1.7 per cent, at $81.73 a barrel, the lowest since March 10, at 0906 GMT. U.S. West Texas Intermediate was down $1.55, or 1.9 per cent, at $79.20 a barrel, also the lowest since March 10.
Oil prices had already dropped nearly 5 per cent on Monday to their lowest close since March 4 after U.S. President Donald Trump said a memorandum of understanding had been signed to end the U.S.-Israeli war with Iran.
In its letter, the refinery said the price adjustment followed the de-escalation of the tension in the Middle East, which had impacted energy prices.
“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.
“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the company said.
