In a move that could ease the financial burden on Nigerian consumers, the Dangote Refinery has cut the ex-depot price of Premium Motor Spirit (PMS) from ₦880 to ₦840 per litre. The ₦40 reduction, effective Monday, is expected to trigger a nationwide drop in pump prices starting Tuesday, July 2, 2025.
Confirming the development, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said members will implement the new pricing once they begin loading new supplies from the refinery.
“It is true. Dangote Refinery reduced its petrol ex-depot price to ₦840. We are happy. Our members will reflect the new price starting Tuesday,” Maigandi told News360 Nigeria.
IPMAN has summoned an emergency meeting to review and align pump prices nationwide. The latest price slash follows a prior hike by the refinery on June 20, attributed to a spike in global oil prices due to the Israel-Iran conflict.
However, with the recent ceasefire announcement by U.S. President Donald Trump and subsequent de-escalation in the Middle East, crude oil prices have declined significantly. As of Monday night, Brent crude dropped to $67.81 per barrel and West Texas Intermediate (WTI) fell to $64.97.
Despite the refinery’s new template, petrol prices at various filling stations in Lagos and Abuja remained high on Monday, ranging between ₦875 and ₦970 per litre. Partners like MRS, NNPC, AA Rano, Shafa, and Ardova sold at ₦945, while others like Ranoil and Empire were dispensing as high as ₦970.
The new price adjustment by Dangote may prompt immediate market-wide corrections in coming days, offering Nigerians much-needed relief from soaring fuel costs.
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