In a major development for Nigeria’s downstream oil sector, Dangote Refinery has slashed the ex-depot price of premium motor spirit, commonly known as petrol, from ₦880 to ₦840 per litre.
The price reduction comes just ahead of an emergency meeting by the Independent Petroleum Marketers Association of Nigeria, scheduled for Tuesday, where a broader cut in pump prices across the country is expected to be announced.
Confirming the development on Monday, IPMAN President, Abubakar Maigandi, said the new price will take effect as marketers begin loading products at the revised rate.
“It is true. Dangote Refinery reduced its petrol ex-depot price to ₦840 from ₦880 per litre on Monday. We are happy. Our members will implement the new price once they load new products,” Maigandi told DAILY POST.
With this ₦40 drop, the 650,000-barrel-per-day capacity refinery is offering a revised pricing framework that could significantly impact retail fuel costs nationwide.
Maigandi also revealed that IPMAN will meet Tuesday to review retail pricing strategies in response to the new ex-depot rate.
“Certainly, the petrol price would come down from tomorrow,” he added.
The move comes less than two weeks after a price hike on June 20, triggered by a spike in global crude oil prices following the outbreak of hostilities between Israel and Iran. However, a recent truce between both countries—announced by U.S. President Donald Trump—has eased market tensions, leading to a decline in international oil prices.
As of Monday night, Brent crude fell to $67.81 per barrel, while West Texas Intermediate dropped to $64.97, down from recent highs of $79 and $70, respectively.
In Lagos and Abuja, petrol prices ranged from ₦875 to ₦970 per litre, with major distributors such as MRS, NNPC Limited, AA Rano, Shafa, Mobile, Eterna, and AP Ardova selling around ₦945. Other marketers, including Ranoil and Empire, sold between ₦950 and ₦970.
Industry watchers say the latest move by Dangote could ease the burden on consumers and pressure competitors to follow suit.
