Dangote Petroleum Refinery has reduced the ex-gantry price of premium motor spirit (PMS), also known as petrol, by N75 per litre.
In a circular to oil marketers on Monday, the refinery said the adjustment, effective June 16, followed the de-escalation of tensions 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,” the circular reads.
“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 a.m. on June 16, 2026.”
According to the revised price list, the new gantry price is 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.
“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the company added.
Global crude oil prices dropped to $82 per barrel on Monday as the United States, Israel, and Iran reached a deal to end the Middle East conflict on all fronts, including Lebanon, and reopen the Strait of Hormuz.
Brent crude, the global oil benchmark, fell by 5 percent to $82.90 per barrel.
US West Texas Intermediate crude also declined by 4 percent to $80 per barrel.
