Dangote Petroleum Refinery has reduced the ex-depot price of petrol by N50 per litre, bringing the new rate to N1,125 from the previous N1,175.
The company also lowered its coastal supply price from N1,495,215 to N1,428,165 per metric tonne. The revised prices took effect on Thursday, June 25, 2026.
According to refinery officials, the price adjustment was prompted by declining global crude oil prices following a de-escalation of tensions in the Middle East. Brent crude recently fell to its lowest level since before the Iran conflict, trading around $72.48 per barrel before a slight recovery to $72.63.
Positive Development for Consumers
The reduction comes after a US-Iran agreement signed on June 17, which established a 60-day negotiation window focused on Iran’s nuclear programme. The easing of geopolitical risks has helped stabilise energy markets and lower international oil prices.
Industry stakeholders expect private depot owners and petroleum marketers to align their prices with the new rates from Dangote Refinery in the coming days. Analysts believe that if global crude prices continue to moderate, further reductions in domestic fuel costs could follow.
This latest move by Africa’s largest refinery is likely to provide some relief to transporters, manufacturers, and households who have faced persistently high fuel costs in recent months. It also signals improving supply conditions in Nigeria’s downstream petroleum sector as local refining capacity strengthens.
