Dangote Petroleum Refinery has reduced its petrol gantry price to 1,175 per litre, marking a fresh adjustment in the downstream petroleum market.

In a circular to fuel marketers on Monday, the refinery said the adjustment followed the de-escalation of the tension in the Middle East, which had impacted energy prices in 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 circular stated.

It added that 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.

The refinery said the new rates will take effect from midnight.

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

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

According to Petroleumprice.ng, the Dangote refinery is now the cheapest petrol, as many marketers sold it for around N1,240 on Monday.

The latest reduction comes amid easing tensions in the global oil market following reports of ongoing negotiations between the United States and Iran over the reopening of the Strait of Hormuz.

Oil prices, which had surged to about 83 per barrel as of Monday after Trump announced the signing of the deal.

Crude oil, the major feedstock for fuel production, had risen sharply since the outbreak of hostilities between the United States and Iran on February 28. During the three-month conflict, crude prices climbed above 120 per barrel, triggering higher fuel prices.

In Nigeria, petrol prices rose from about N830 per litre to around M1,300 per litre during the period. Diesel and aviation fuel prices also recorded significant increases.

With crude prices now retreating, the adjustment by the Dangote refinery is expected to bring further relief in domestic fuel prices.

Oil prices continued their downward trend on Monday following the signing of a ceasefire agreement between the United States and Iran to end hostilities in the Middle East and reopen the Strait of Hormuz.

According to Oilprice.com, Brent crude, the global benchmark, dropped from 83 per barrel on Monday.

The US and Iran said they reached an agreement on Sunday to end the war, a development that further pushed down oil prices. (Pieced together from reports by The Guardian and The PUNCH)