Dangote Refinery Lowers Petrol Ex-Depot Price to ₦840 per Litre

Nigeria’s Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦880 to ₦840 per litre, marking a ₦40 decrease.

This move comes ahead of an emergency meeting planned by petroleum product marketers to consider lowering fuel prices nationwide starting Tuesday.

Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the development in an exclusive interview with Nigeria News 247 on Monday. He said, “It is true. Dangote Refinery reduced its petrol ex-depot price to ₦840 from ₦880 per litre on Monday. We are happy. Our members will implement the new price once they receive fresh product loads.”

The 650,000-barrel-per-day refinery’s price adjustment follows a previous hike on June 20, 2025, triggered by rising global oil prices amid the ongoing conflict between Israel and Iran.

Maigandi also disclosed that IPMAN members will hold an emergency meeting on Tuesday to review and potentially reduce the retail petrol price across the country. “We will be meeting on Tuesday to assess the PMS prices following Dangote’s price reduction. Certainly, the petrol price will come down starting tomorrow,” he told Nigeria News 247.

As of Monday afternoon, petroleum marketers and filling stations in Lagos and Abuja were selling petrol at prices ranging from ₦875 to ₦970 per litre, depending on the location. Partner stations like MRS, Nigerian National Petroleum Company Limited (NNPC Ltd.), AA Rano, Shafa, Mobile, Eterna, and Ardova were selling petrol at around ₦945 per litre on Monday evening. Others, such as Ranoil and Empire filling stations, charged between ₦950 and ₦970 per litre.

Dangote Refinery’s price cut aligns with a recent easing of tensions between Israel and Iran, following the announcement of a ceasefire by former U.S. President Donald Trump. This development has caused global oil prices to drop, with Brent crude and West Texas Intermediate futures falling to $67.81 and $64.97 per barrel respectively as of Monday night, down from approximately $79 and $70 per barrel weeks earlier.