Nigeria's Dangote Refinery and NNPCL Cut Petrol Prices Amid Falling Crude

The Dangote Petroleum Refinery announced a reduction of its premium motor spirit gantry price by N50, lowering it from N1,175 to N1,125 per litre. The coastal price was also cut from N1,495,215 to N1,428,165 per metric tonne. The notice, effective at midnight on June 25, cited the recent de‑escalation of Middle East tensions and the consequent decline in global crude oil prices. "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 company said.

A few days later, the Nigerian National Petroleum Company Limited (NNPCL) reduced its pump price in Abuja from N1,260 to N1,210 per litre. The adjustment follows Dangote’s cut and reflects the same drop in West Texas Intermediate and Brent crude to around $69‑$71 a barrel after the U.S.–Iran peace deal. Both companies expect the price cuts to provide relief to consumers and transport operators facing high fuel costs.