Petrol prices drop as crude oil falls, Dangote Refinery cuts rate

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Nigeria's petrol market is seeing a fresh wave of price cuts. This follows a sharp decline in global crude oil prices and a major price reduction from Dangote Refinery.

Global crude prices fell on Tuesday, June 16, 2026. Signs of a breakthrough in talks between the United States and Iran boosted hopes that the Strait of Hormuz could return to normal operations. This eased fears of supply disruptions.

Brent crude traded at $82.68 per barrel, down 0.59 percent. West Texas Intermediate crude slipped 0.42 percent to $80.41 per barrel.

Fuel depots have started releasing new ex-depot prices. Experts predict petrol prices could ease further in the coming weeks as competition rises and cheaper crude enters the supply chain.

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