Dangote Petroleum Refinery has announced a N75 per litre reduction in the gantry price of Premium Motor Spirit, commonly known as petrol, citing easing tensions in the Middle East that had contributed to elevated energy prices over the past three months.

In a circular issued to fuel marketers on Monday, the refinery said it reviewed its PMS pricing following the de-escalation of geopolitical tensions in the region.

“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.

Under the revised pricing structure, the gantry price has been reduced to N1,175 per litre from N1,250 per litre, while the coastal price per metric tonne has dropped to N1,495,215 from N1,595,790.

The new rates are scheduled to take effect from midnight, according to the refinery.

“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, Dangote Refinery now offers the lowest petrol price in the market, with many marketers selling the product at about N1,240 per litre on Monday.

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

Oil prices, which had surged to around $83 per barrel during the height of the tensions, retreated after U.S. President Donald Trump announced that an agreement had been signed to help restore stability and shipping through the critical waterway.