Dangote Cuts Petrol Price by N75 as Middle East Tensions Ease

The price at the pump is coming down. And for millions of Nigerians who have been absorbing painful fuel costs for months, that news cannot come soon enough.

Dangote Petroleum Refinery reduced its Premium Motor Spirit gantry price by N75 per litre — from N1,250 to N1,175 — with effect from midnight on June 16, 2026. The refinery issued a circular to fuel marketers directly attributing the reduction to the de-escalation of tensions in the Middle East, which had pushed global oil prices sharply higher over the previous three months. Retail pump prices across Nigeria are expected to follow downward in the coming days as marketers clear old stock.

Why the Price Was So High

The context matters. When hostilities between the United States and Iran escalated sharply in late February 2026, global crude oil prices surged. At the peak of the conflict, crude crossed $120 per barrel — a level that fed directly into Nigerian pump prices.

Before the crisis, Nigerians were paying approximately N830 per litre for petrol. At the height of the crisis, prices reached as high as N1,300 per litre in some locations. Diesel and aviation fuel recorded similar increases. As a result, transport costs, food prices, and the general cost of living all climbed alongside the fuel price.

What Changed

The United States and Iran reached an agreement to end their conflict and reopen the Strait of Hormuz. The announcement caused crude oil prices to fall sharply. Brent crude dropped to approximately $83 per barrel on Monday — well below the $120 peak. That reduction in global prices has now fed through to Dangote’s ex-refinery pricing.

The refinery also noted that its coastal supply price fell from N1,595,790 to N1,495,215 per metric tonne. Furthermore, petroleum tracking platform Petroleumprice.ng confirmed that the Dangote Refinery is now the cheapest source for petrol among major suppliers in Nigeria.

What Nigerians Can Expect

Fuel marketers have asked the public for patience. Those who bought petrol at higher prices need to sell through existing stock before they can pass on the lower costs to consumers. According to the Petroleum Products Retail Outlets Owners Association of Nigeria, pump prices are expected to drop to around N1,200 per litre in the coming days as fresh stock arrives at the new gantry rate.

For Nigerians who have been absorbing three months of elevated fuel prices, that reduction — though still far from the pre-crisis level of N830 — represents genuine relief. The Dangote Refinery, once dismissed as a permanent promise, continues to demonstrate that its presence in the market changes the equation for Nigerian energy consumers in meaningful ways.