Dangote Refinery Cuts Fuel Prices After US-Iran Peace Deal

The Dangote Petroleum Refinery reduced its ex-depot gantry price for premium motor spirit (PMS) by N75 per litre, lowering the rate from N1,250 to N1,175 effective June 16, 2026. The refinery also decreased its coastal supply price from N1,595,790 to N1,495,215 per metric tonne. By June 20, the refinery expanded these cuts to include aviation turbine kerosene (jet fuel), lowering the price from N1,550 to N1,450 per litre.

These adjustments follow a sharp decline in global crude oil prices, with Brent and West Texas Intermediate falling below $80 per barrel. The market shift resulted from a ceasefire and peace deal between the United States and Iran, announced by President Donald Trump, which ended a three-month conflict and reopened the Strait of Hormuz. During that conflict, crude prices had peaked above $120 per barrel, driving Nigerian petrol prices up to N1,300 per litre.

Retail implementation of these cuts has been inconsistent. In Abuja, MRS filling stations reduced retail pump prices from N1,317 to N1,241 per litre by June 19. However, other major marketers, including the Nigerian National Petroleum Company Limited, Ranoil, AA Rano, and Empire Energy, have not yet reduced their prices. Refinery officials cautioned that the pace of future reductions may be limited by expensive crude inventory remaining in storage.