Petrol prices may drop to N1,200 as Dangote Refinery reduces ex-depot rates

The refinery lowered its gantry price from N1,250 to N1,175, effective midnight on Tuesday, June 16, 2026. This adjustment is attributed to de-escalating tensions in the Middle East and a peace deal between the United States and Iran, which has led to falling crude oil prices. Other depot owners have also begun reducing their prices to around N1,180.

However, filling stations have not yet adjusted pump prices, with many still selling petrol at about N1,280. Marketers explain this delay by the need to sell off existing, older stock to avoid financial losses. Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, stated that petrol could sell for N1,200 to N1,250 in Lagos and around N1,300 in other areas.

He urged patience from consumers as marketers clear old inventory. Joseph Obele, spokesman for the Petroleum Products Retail Outlet Owners Association of Nigeria, expressed concern that imported petroleum products might be cheaper than locally refined fuel and called for more import licenses. Crude oil prices, which had surged to over $120 per barrel during the conflict between the United States and Iran, have now fallen below $80 per barrel.

Brent crude dropped from $87 to $78 per barrel. While a further drop to N900 per litre is speculated if crude prices