Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, by six per cent, or N75 per litre, following a sharp decline in global crude oil prices triggered by easing tensions in the Middle East.

The refinery said in a circular to marketers that the new ex-gantry price has been reduced from N1,250 per litre to N1,175 per litre, effective from midnight on June 16, 2026.

The latest adjustment came as Brent crude, the international benchmark for oil prices, fell by five per cent to $78.87 per barrel yesterday from $82.72 per barrel on Monday, following an agreement between the United States and Iran, and the reopening of the Strait of Hormuz.

Explaining the reason for the price cut, Dangote Refinery said the reduction followed the de-escalation of geopolitical tensions that had pushed up energy prices over the past three months.

“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,” the refinery stated.

According to the revised pricing template, the coastal price was also reduced by 6.3 per cent to N1.495 million per metric tonne from N1.596 million per metric tonne.

The company further directed that all outstanding unloaded gantry volumes would be repriced at the new rate.

“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026,” the circular noted.

Dangote Refinery expressed appreciation to its customers for their continued patronage and reaffirmed its commitment to ensuring steady product supply across the country.

“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” it added.