Dangote Refinery has reduced the fuel price.
Newsone Nigeria reports that Dangote Petroleum Refinery has reduced its premium motor spirit ex-depot price to N840 from N880 per litre.
This online news platform understands that the development comes as petroleum product marketers plan an emergency meeting to drop fuel prices from Tuesday, July 1, 2025.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, disclosed this to DAILY POST 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.
The IPMAN 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 told DAILY POST.
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.
Petroleum product marketers and filling station owners in Lagos and Abuja dispensed fuel between N875 and N970 per litre, depending on the outlets, on Monday afternoon, June 30, 2025.
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.
As of Monday night, 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, down from around $79 and $70 weeks back.
