In a significant development for Nigeria’s petroleum sector, Dangote Refinery has reduced its ex-depot price for premium motor spirit, also known as petrol, to N840 per litre, down from N880.
The move comes ahead of an emergency meeting by petroleum marketers scheduled for Tuesday, where they are expected to announce a nationwide reduction in fuel pump prices.
The President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, confirmed the refinery’s price adjustment during an interview on Monday.
“It is true. Dangote Refinery reduced its petrol ex-depot price to N840 from N880 per litre on Monday. We are happy. Our members would implement the new price once they load new products,” he stated.
With this N40 reduction, the 650,000-barrel-per-day capacity refinery has provided a fresh ex-depot price framework for fuel marketers across the country.
According to Maigandi, the association will convene on Tuesday to review retail pricing strategies in response to the latest update from Dangote.
“We will be meeting on Tuesday to review our PMS prices following the latest petrol reduction announced by Dangote. Certainly the petrol price would come down from tomorrow,” he told DAILY POST.
This price revision follows a previous increase instituted on June 20, 2025, which was linked to the spike in global crude oil prices amid the then-ongoing conflict between Israel and Iran.
As of Monday afternoon, filling stations in Lagos and Abuja sold petrol between N875 and N970 per litre, depending on the operator. Major distributors such as MRS (a Dangote partner), Nigerian National Petroleum Company Limited, AA Rano, Shafa, Mobile, Eterna, and AP Ardova dispensed fuel at around N945.
Meanwhile, other retailers like Ranoil and Empire offered petrol between N950 and N970.
The refinery’s revised pricing arrives as global crude oil markets show signs of easing, following a truce in the Israel-Iran conflict.
The de-escalation was announced by U.S. President Donald Trump, leading to a downward adjustment in oil futures.
By Monday night, Brent crude had dropped to $67.81 per barrel, while West Texas Intermediate fell to $64.97—down significantly from their respective highs of around $79 and $70 just weeks ago.
