Dangote Refinery cuts ex-depot petrol price to ₦1,175/litre as global crude eases

Dangote Petroleum Refinery reduced the ex-depot (ex-gantry) price of petrol (PMS) from ₦1,250 to ₦1,175 per litre, a cut of ₦75 per litre, with the new rate taking effect on 16 June 2026.

The refinery attributed the move to lower international crude oil prices, which fell as tensions in the Middle East eased following a US–Iran ceasefire and the reopening of shipping through the Strait of Hormuz. Crude is the dominant input cost for refined fuel, so a sustained fall in the oil price feeds through to gantry prices.

Will pump prices fall?

Not automatically, and not immediately. The ₦1,175 figure is the wholesale ex-depot price marketers pay at the refinery gate — not the pump price. How much reaches motorists depends on how quickly filling stations adjust and whether their existing stock was bought at the older, higher rate. Depot-level cuts historically take time to show up at the forecourt.

Imports are now undercutting the refinery

The cut came as global product prices fell faster than domestic gantry prices. By the Major Energies Marketers Association of Nigeria (MEMAN) bulletin of 19 June 2026, the landing cost of imported petrol was ₦1,041.52 per litre — roughly ₦133 below Dangote’s ₦1,175 ex-gantry price — while imported diesel landed at ₦1,293.19 per litre against Dangote’s ₦1,500. That gap is the competitive pressure now pushing domestic prices lower.

Why this matters for Nigerian prices

Fuel is an input cost across the whole economy. Cheaper petrol and diesel ease haulage and off-grid power costs, which in turn relieve pressure on building materials like cement and on food-distribution costs. Opaindex tracks petrol, diesel and cooking gas (LPG) daily so households and businesses can see whether wholesale moves like this one are reaching real retail prices.