Reprieve will soon come the way of the ordinary man following de-escalation of the middle East war and the subsequent global oil prices ease.
As a manifestation, the Dangote Petroleum Refinery has announced the reduction of the gantry price of Premium Motor Spirit (petrol) by N75 per litre.
By this adjustment the gantry price is now N1,175 per litre, down from N1,250, while the coastal price per metric tonne has been reduced from N1,595,790 to N1,495,215. The new rates took effect at midnight on June 16, 2026.
The refinery in a circular sent to fuel marketers, pointed out that the price review followed a de-escalation of geopolitical tensions in the Middle East, which had impacted global energy markets over the past three months.
According to the announcement, all outstanding unloaded gantry volumes would be repriced at the new rate.
Reports say the recently signed ceasefire agreement would compel Brent crude to fall to $83 per barrel as against $120 per barrel during the hostilities that commenced on February 28.
