News Update
Nigeria’s Dangote Refinery has reduced its premium motor spirit ex-depot price to N840 from N880 per litre.
This comes as petroleum product marketers plan an emergency meeting to drop fuel prices from Tuesday.
The President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed this to Newsmen during an exclusive 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.
This showed that the 650,000-barrel-per-day refinery slashed its petrol ex-depot prices by N40 per litre.
Maigandi said petroleum marketers will be having an emergency meeting on Tuesday to decide on a new petrol price nationwide.
“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 said.
The downward review of Dangote Refinery’s gantry price comes after the company implemented a price hike on June 20, 2025, following a surge in global oil prices as a result of the war between Israel and Iran in the Middle East.
VAM News reports that as of Monday afternoon, petroleum product marketers and filling station owners in Lagos and Abuja dispensed fuel between N875 and N970 per litre, depending on the outlets.
MRS filling station, Dangote Refinery’s partner, the Nigerian National Petroleum Company Limited, AA Rano, Shafa, Mobile, Eterna, and AP Ardova sell petrol at N945 per litre as of Monday evening. Others, such as Ranoil and Empire filling stations, dispense petrol between N950 and N970.
Dangote refinery’s fresh price template comes amid the de-escalation of the conflict between Israel and Iran after the President of the United States of America, Donald Trump, announced a ceasefire.
Consequently, global oil prices had witnessed a downward trend as Brent and West Texas Intermediate crude futures fell to $67.81 and $64.97 per barrel as of Monday night, down from around $79 and $70 weeks back.
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