Dangote Refinery Cuts Nigeria Petrol Price as Middle East Tensions Ease

Dangote Petroleum Refinery reduced the ex‑gantry price of Premium Motor Spirit (petrol) by N75 per litre, from N1,250 to N1,175, and lowered the coastal loading price by N100,575 per metric tonne, effective midnight on June 16. The refinery said the adjustment follows the de‑escalation of tensions in the Middle East, including a recent U.S.–Iran cease‑fire deal and the partial reopening of the Strait of Hormuz, which has driven Brent crude down from about $83 a barrel.

The price cut makes Dangote’s fuel the cheapest on the Nigerian market and is expected to trigger further reductions by private depots. The refinery, which supplies roughly 80% of Nigeria’s gasoline demand, is also expanding its export role. West African imports of refined petroleum products fell 23% month‑on‑month in May as Dangote’s output replaced imported volumes, reshaping regional fuel logistics and reducing demand for traditional import hubs such as Lomé. Analysts suggest petrol could fall to around N900 per litre if global oil markets remain stable, though the refinery cautioned it still holds “expensive crude” purchased at higher prices.