Dangote Refinery Slashes Wholesale Petrol Price Following De-escalation of Global Oil Crisis

The Dangote Petroleum Refinery has announced a reduction of ₦75 per litre in its wholesale gantry price for Premium Motor Spirit (petrol), citing the easing of geopolitical tensions in the Middle East as the primary catalyst for the downward review.

In a commercial circular distributed to petroleum marketers, the refinery management stated that the premium product’s gantry price has dropped from ₦1,250 to ₦1,175 per litre. Simultaneously, the coastal price per metric tonne has been adjusted downward to ₦1,495,215 from the previous rate of ₦1,595,790. The newly adjusted rates took effect on June 16, 2026, with all outstanding, unloaded supplier volumes repriced to reflect the cheaper rate.

The pricing adjustment directly aligns with structural shifts in the global energy market. International crude oil prices, which had surged past $120 per barrel following disruptions in maritime trade routes through the Strait of Hormuz, plummeted to approximately $83 per barrel. This sharp decline followed diplomatic breakthroughs and the formal signing of a ceasefire accord aimed at normalizing Middle Eastern logistics channels.

During the peak of the global commodity crunch, domestic fuel prices across retail outlets in Nigeria climbed from an average of ₦830 per litre to as high as ₦1,300 per litre.

While independent market analysis places the Dangote facility as the most competitive wholesale supplier following this price cut, institutional sources caution that subsequent retail drops to prospective targets such as ₦900 per litre may lag. This delay is attributed to the presence of older, more expensive crude feedstocks currently being processed within the refinery’s storage infrastructure.