Dangote Reduces Petrol Price as Brent Crude Drops Below $80

Dangote Petroleum Refinery announced a reduction in the pump price of petrol, officially known as Premium Motor Spirit (PMS), as Brent crude oil prices fell below $80 per barrel. The new ex-depot price is N1,250 per liter, down from previous rates, with other suppliers like Rainoil and Ardova also adjusting their prices to between N1,180 and N1,280 per liter.

This price adjustment comes as a relief to millions of Nigerians dealing with high transportation and living costs. The decline in crude prices is attributed to easing geopolitical tensions in the Middle East and a potential peace deal between the United States and Iran.

As of June 16, 2026, Brent crude was trading at $78.63 per barrel, while West Texas Intermediate (WTI) was at $75.74 per barrel. Despite the reduction, market participants argue that the pace of domestic fuel price adjustments does not match the rapid increases seen earlier in the year when crude prices surged above $100 per barrel.

Alhaji Olanrewaju Okanlawon of IPMAN expressed that the current reduction may not be sufficient and cautioned against excessive buying to avoid losses.