Nigeria is witnessing a fresh wave of petrol price reductions following a sharp decline in global crude oil prices and a major price cut by 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. 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 per cent, 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.
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 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 is emerging for millions of Nigerians as energy experts predict 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 comes 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 latest price cut by the refinery has intensified competition in Nigeria's downstream oil sector and strengthened projections that the era of petrol selling above N1,200 per litre may gradually fade if current market conditions persist.
