Nigeria’s downstream petroleum market received a major boost yesterday as Dangote Petroleum Refinery announced a significant reduction in its petrol ex-gantry price, cutting the rate by N75 per litre, from N1,250 to N1,175 per litre.

The new pricing, which takes effect from 12am today, June 16, comes amid the recent de-escalation of geopolitical tensions in the Middle East and a sharp decline in international crude oil prices.

In a notice issued to customers, the refinery said, “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 (PMS) gantry/coastal price.”

The refinery also reduced its coastal loading price by N100,575 per metric tonne, lowering the rate from N1,595,790 per metric tonne to N1,495,215 per metric tonne.

According to the communication, all outstanding unloaded gantry volumes will be repriced at the new rate from the effective date.

The latest adjustment is expected to trigger fresh competition across Nigeria’s downstream market, with private depot operators likely to respond with further price reductions in the coming days.

The development follows a sharp correction in global oil markets after the United States and Iran moved closer to a diplomatic agreement that could restore stability to the Strait of Hormuz, a critical global oil shipping route.

Over the past week, heightened tensions between Iran, Israel and the United States had pushed crude oil prices higher on fears of supply disruptions.

However, optimism surrounding a possible peace deal had reversed those gains, dragging international oil prices lower.

Industry players said the reduction could translate into lower pump prices nationwide if marketers passed on the cost savings to consumers.

The latest cut also reinforces Dangote Refinery’s growing influence over Nigeria’s fuel pricing landscape, as market participants increasingly adjust their pricing strategies in response to movements from the 650,000 barrels-per-day facility.

With crude oil prices retreating and market sentiment improving, analysts expect further downward adjustments across petrol and diesel prices if global energy markets remain stable in the coming weeks.

By Augustine Akhilomen

The Lagos State Government has issued a flood alert to residents, warning that several parts of the state may experience heavy rainfall, flash floods, rising water levels and possible riverbank overflows between June 14 and June 21, 2026.

The advisory was issued by the Permanent Secretary, Office of Drainage Services and Water Resources, Mahamood Adegbite, following a flood prediction update released by the Federal Ministry of Environment.

According to the forecast, communities considered to be at critical risk include Apapa, Badagry, Epe, Eti-Osa, Ikeja, Ikorodu, Ikoyi, Lagos Island, Lekki, Ojo, Orile-Agege, Surulere, Agege, Alimosho and Kosofe..

The flood prediction update, signed by the Director of Erosion, Flood and Coastal Zone Management, Usman Bokani, classified the listed areas as “Critical Risk Areas.”

The update advised communities within the affected locations to maintain immediate flood watch, identify evacuation routes and protect vulnerable households.

It also urged residents to “avoid settlement or trading activities within active floodplains, low-lying drainage corridors and riverbank areas.”

However, the Lagos State Government assured residents of the affected communities and the state at large that there was no cause for panic, stressing that it has continued year-round maintenance and clearing of primary and secondary drainage channels.

According to the government, these proactive measures have helped prevent any devastating impact associated with heavy rainfall since the onset of this year’s rainy season.

“These proactive steps have ensured that the state has not suffered any devastating effect that comes with heavy rainfalls since the advent of the rains this year,” the statement added.

Nigeria’s Ambassador to Mexico, Reno Omokri, has given reasons why he is yet resumed at the country of his posting.

In an interview on Channels Television’s Politics Today on Monday, Omokri claimed it was due to the ongoing World Cup hosted by the United States and Mexico.

According to the former presidential aide, Mexico has not rejected him, stating such a narrative is being engineered by the opposition.

“Mexico has not rejected me. Not at all. You should understand that Mexico is right now hosting the World Cup, along with the United States of America, and all of their focus is on that.

“Most of us ambassadors, have not resumed. So, I’m not the only one. A lot of my colleagues are in my situation, but it’s okay. These things happen.

“The opposition will always say things like I have been rejected. We do not work on the basis of the opposition. We work on the basis of reality. The reality of it is that we have countries in the world that respect Nigeria, and they’re going to be taking Nigeria’s envoys,” he said.