Dangote Refinery Reduces Fuel Price as Petroleum Marketers Plan Nationwide Price Drop
Dangote Refinery has reduced its ex-depot price of premium motor spirit (PMS) from N880 to N840 per litre, effective Monday, July 1, 2025.
This significant price cut follows the global oil price fluctuations earlier in 2025, which were driven by the Israel-Iran conflict, leading to higher fuel prices.
In response to Dangote’s price reduction, petroleum product marketers have scheduled an emergency meeting on Tuesday to discuss implementing a nationwide fuel price cut.
Abubakar Maigandi, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the development to newsmen expressing satisfaction with the new price adjustment.
“Our members will begin implementing the new price as soon as they load fresh products,” Maigandi said.
The price reduction reflects a N40 decrease per litre from the previous ex-depot rate. The 650,000-barrel-per-day refinery had raised prices in June 2025 due to global market volatility caused by the ongoing geopolitical tensions between Israel and Iran.
Fuel prices at various filling stations in major cities like Lagos and Abuja currently range between N875 and N970 per litre, depending on the outlet.
Stations in partnership with Dangote Refinery, such as MRS, NNPC, and AP Ardova, are selling petrol for around N945 per litre, while others like Ranoil and Empire are selling at higher prices, ranging from N950 to N970 per litre.
The price adjustment comes amid a broader decline in global oil prices, fueled by a ceasefire between Israel and Iran announced by U.S. President Donald Trump.
As a result, Brent crude prices have dropped to $67.81 per barrel, a significant decrease from over $79 earlier in the month, signaling a more stable global oil market.
