Petrol prices may drop to N1,200 as Dangote Refinery cuts rates

Petrol prices in Nigeria could soon drop to around N1,200 per liter, driven by price cuts from the Dangote Petroleum Refinery. The refinery recently slashed its gantry price by N75, from N1,250 to N1,175, a move attributed to de-escalating tensions in the Middle East and a subsequent fall in crude oil prices.

This reduction has prompted other depot owners to lower their prices to approximately N1,180. However, consumers have not yet seen these savings at the pump, with most filling stations still selling petrol at around N1,280. Marketers explain this delay is necessary to sell off existing, higher-priced stock and avoid financial losses.

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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.

According to a circular from the Dangote refinery, the price adjustment reflects the easing of global energy market tensions. Crude oil prices, which had spiked to around $120 per barrel during the crisis, have fallen below $80. The refinery stated that the new rates took effect from midnight on Tuesday, June 16, 2026, and that all outstanding unloaded volumes would be repriced accordingly.

Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, advised patience, noting that the immediate pump price reduction would cause significant losses for marketers holding expensive inventory. He anticipates that petrol could sell for between N1,200 and N1,250 in Lagos and around N1,300 in other regions once old stocks are cleared.

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This announcement is enabling people who have old stocks to clear out their stocks, not only clearing out their stocks but also enabling them to prepare to take the fresh stocks.