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By Ojomah Austin.

The Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, lowering its gantry price by ₦75 per litre amid signs of stability in the global energy market.

In a circular issued to fuel marketers on Monday, the refinery disclosed that the new price adjustment takes effect from midnight, June 16, 2026.

Under the revised pricing structure, the gantry price of petrol has been reduced from ₦1,250 per litre to ₦1,175 per litre, providing some relief to marketers and consumers after months of rising fuel costs.

The refinery also announced a reduction in its coastal supply price, which dropped from ₦1,595,790 per metric tonne to ₦1,495,215 per metric tonne.

According to the company, the decision was influenced by the recent easing of geopolitical tensions in the Middle East, a development that has helped moderate global crude oil and energy prices.

“Following the de-escalation of tensions in the Middle East, which has impacted energy prices, we wish to inform you that we have reviewed our Premium Motor Spirit gantry and coastal prices,” the refinery stated in the notice to marketers.

The company further clarified that all outstanding unloaded gantry volumes would be recalculated using the new rate from the effective date.

“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 a.m., June 16, 2026. We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the statement added.

Marketers Yet to Reflect New Price

Despite the refinery’s reduction, retail pump prices across many parts of the country remained significantly higher as of Monday.

Industry data from Petroleumprice.ng indicated that several filling stations were still selling petrol at around ₦1,240 per litre, suggesting that consumers may not immediately benefit from the refinery’s latest adjustment until existing stock is exhausted and new supplies enter the market.

The development positions Dangote Refinery as one of the most competitively priced suppliers in the domestic petroleum market.

Global Oil Prices Begin to Retreat

The latest price cut comes as pressure in the international crude oil market begins to ease following reports of renewed diplomatic engagements between the United States and Iran over the reopening of the strategic Strait of Hormuz.

Global oil prices had experienced significant volatility over the past three months due to hostilities involving the two countries.

The development positions Dangote Refinery as one of the most competitively priced suppliers in the domestic petroleum market.

Global Oil Prices Begin to Retreat

The latest price cut comes as pressure in the international crude oil market begins to ease following reports of renewed diplomatic engagements between the United States and Iran over the reopening of the strategic Strait of Hormuz.

Global oil prices had experienced significant volatility over the past three months due to hostilities involving the two countries.

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President Bola Ahmed Tinubu has called on the Nigerian judiciary to ensure the delivery of fair and timely justice, warning that a compromised legal system poses a threat to democratic stability.

The president made the call on Monday during the commissioning of the Court of Appeal Abuja Division building complex in Dakibiyu, Abuja.

The development was disclosed in a statement posted on the official page of Vice President Kashim Shettima, who represented the President at the event.

According to the statement, Tinubu expressed concern over delays in the administration of justice and the growing frustration among citizens over prolonged court cases and case backlogs.

He said the justice system must remain accessible, fair and efficient to sustain public confidence in the judiciary.

“To my Lords Justices, as you move into this complex, Nigeria asks one thing of you: let justice be swift. Let it be fair. Let it be blind to status, tribe, or purse. Let the common man feel that this Court is truly his last hope,” Tinubu said.

The president stated that the newly commissioned Court of Appeal complex reflects his administration’s commitment to strengthening the justice sector under the Renewed Hope Agenda.

According to him, providing a befitting working environment for judicial officers remains part of efforts to improve the effectiveness of the nation’s justice system.

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The Federal High Court sitting in Kaduna on Monday adjourned the trial of former Kaduna State Governor Nasir Ahmad El-Rufai to June 24, 2026, following the failure of two co-defendants to appear before the court.

El-Rufai, who is being prosecuted by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over allegations of abuse of office, financial impropriety, and fraud during his tenure as governor, was present in court when the matter was called.

The former governor arrived at the court premises at about 9:30 a.m., accompanied by officials of the ICPC, as well as operatives of the Department of State Services (DSS) and the Nigeria Police Force.

However, proceedings could not continue as scheduled after two other defendants named in the charge failed to appear before the court.

Following submissions by counsel, the presiding judge adjourned the matter to June 24, 2026, for the continuation of the hearing.

El-Rufai has consistently denied all allegations levelled against him, insisting that all actions taken during his administration were carried out in accordance with the law and established procedures.

The ICPC, on its part, alleges that public funds were released for projects that were either not executed or were improperly handled during the former governor’s administration.

The anti-corruption agency maintains that the charges against the defendants are supported by evidence gathered during its investigations and has expressed readiness to prosecute the case to its logical conclusion.

At previous sittings, the court had entertained arguments relating to bail conditions and preliminary applications filed by the defence team.

Monday’s proceedings were expected to feature further arguments on pending motions before the unexpected absence of the two co-defendants stalled the hearing.

The trial has continued to attract considerable public attention, given El-Rufai’s prominence in national politics and his eight-year tenure as governor of Kaduna State between 2015 and 2023.

With the matter now adjourned, both the prosecution and defence teams are expected to return to court on June 24 for the continuation of proceedings.