Petrol Depot Prices Crash on Dangote Refinery’s Rate Cut, Crude Oil Falls

• Nigeria saw petrol price cuts due to falling global crude oil prices and Dangote Refinery's major price reduction
• Brent crude prices dropped to $82.68 per barrel, signalling optimism for cheaper fuel ahead
• Experts predicted further petrol price reductions as competition rises and cheaper crude enters the supply chain

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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

Nigeria's petrol market is witnessing a fresh wave of price reductions following the sharp decline in global crude oil prices and a major price cut by the Dangote Refinery, raising hopes of cheaper fuel across the country.

The downturn in international oil prices has triggered adjustments at several fuel depots, with operators releasing new ex-depot prices amid growing optimism that petrol prices could ease further in the coming weeks.

Crude oil falls on US-Iran breakthrough

Global crude prices extended their losses on Tuesday, June 16, 2026, after signs of a breakthrough in talks between the United States and Iran boosted expectations that the strategic Strait of Hormuz could soon return to normal operations.

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The easing of tensions has reduced fears of supply disruptions that previously pushed oil prices higher.

As of Tuesday morning, Brent crude traded at $82.68 per barrel, down 0.59%, while West Texas Intermediate (WTI) crude slipped 0.42 per cent to $80.41 per barrel.

Market confidence also received a boost after the LNG tanker Disha successfully sailed through the Strait of Hormuz on Monday on its way to India, signalling the gradual restoration of energy shipments from the Gulf region.

Although shipping firms remain cautious, analysts believe oil prices may remain under pressure if the US-Iran agreement is formally signed and maritime activities fully resume.

Dangote cuts prices, depots follow suit

Against this backdrop, Nigerian depots have begun adjusting their petrol prices downward.

Industry data obtained from PetroleumPriceNG shows that several depot owners lowered their ex-gantry prices as competition intensifies.

Dangote Refinery had earlier announced a significant N75-per-litre reduction in its petrol price.

However, the refinery later adjusted its rate slightly upward by N5, selling Premium Motor Spirit (PMS) at N1,185 per litre, compared to N1,175 previously.

Other depots have also announced fresh rates. Prudent Oghara is now selling petrol at N1,270 per litre, while AITEO offers PMS at N1,180 per litre. Mainland depot fixed its ex-depot price at N1,250 per litre, a BusinessDay report said.

More relief expected for motorists

The latest crash in crude oil prices could open the door for additional reductions in petrol and diesel prices across Nigeria.

Industry experts say marketers may be compelled to lower prices further as cheaper crude filters into the supply chain and competition with the Dangote Refinery intensifies.

For millions of Nigerians struggling with high transportation and living costs, the current trend offers renewed hope that fuel prices may finally begin to ease in the months ahead.

Petrol price may drop to N1,000 per litre

Legit.ng earlier reported that fresh hope of cheaper petrol emerged for millions of Nigerians as energy experts predicted that the pump price of Premium Motor Spirit (PMS) could decline to around N1,000 per litre in the coming weeks following a sharp drop in global crude oil prices and a fresh price cut by Dangote Petroleum Refinery.

The optimism came after Dangote Refinery announced a N75 reduction in its ex-depot petrol price, reinforcing expectations that marketers may soon lower prices across the country.

The price cut by the refinery intensified competition in Nigeria's downstream oil sector and strengthened projections that the era of petrol selling above N1,200 per litre might gradually fade if current market conditions persisted.

Proofreading by Funmilayo Aremu, copy editor at Legit.ng.