Dangote Petroleum Refinery has cut the price of Premium Motor Spirit (petrol) by N75 per litre, bringing the gantry price down from N1,250 to N1,175.

The coastal price per metric tonne has also been reduced from N1,595,790 to N1,495,215.

The new prices took effect from midnight on June 16, 2026.

The reduction comes as tensions in the Middle East continue to de-escalate. The earlier spike in energy prices had been driven by the conflict, but a ceasefire agreement between the U.S. and Iran has helped ease global oil prices.

The refinery says it now offers the lowest petrol prices in the country, with many other marketers still pricing their product at around N1,240.

Industry observers expect further reductions in local fuel prices if global oil markets continue to stabilise.