- Dangote refinery’s fresh price reduction is not unconnected to the cessation of hostilities between Israel and Iran after a truce was brokered by the President of the United States of America, Donald Trump
Nigeria’s Dangote Refinery has announced a reduction in the price of its premium motor spirit (PMS) popularly known as petrol.
According to the refinery, it’s ex-depot price for petrol is now N840.
The President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, confirmed the development to newsmen on Tuesday.
The price reduction comes as petroleum product marketers plan an emergency meeting where a downward review of fuel prices from Tuesday will be announced.
In an interview with DAILY POST on Monday evening, Maigandi expressed delight at Dangote’s refinery move to reduce petrol price from N880 per litre to N840.
“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 also disclosed that 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.
As of Monday afternoon in Lagos and Abuja, petroleum product marketers and filling station owners are selling 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, Daily Post reports.
Dangote refinery’s fresh price reduction is not unconnected to the cessation of hostilities between Israel and Iran after a truce was brokered by the President of the United States of America, Donald Trump.