Dangote Refinery has further reduced its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to ₦820. This is the second reduction by the company in a week.
It had on Monday, 30 June, announced a reduction in the price of the commodity from ₦880 to ₦840 per litre.
Join our WhatsApp ChannelThe latest price drop reflects a ₦20 reduction.
A post on Dangote Group’s X handle on Tuesday evening said the new ex-depot price of petrol takes effect from 8 July 2025.
The latest price drop marks the refinery’s lowest rate since 14 March, when petrol briefly sold at ₦815 per litre.
This follows a recent decline in the prices of crude oil in the international market. Oil prices had jumped to about $80 per barrel when the Israel-Iran conflict escalated last month. The oil price rally pushed up Dangote refinery petrol price from ₦825 to ₦880. However, with the de-escalation of the conflict following a ceasefire deal between Israel and Iran, midwifed by United States President Donald Trump, the global crude prices started dropping. By Monday, last week, Brent Crude had dropped to about $67 per barrel.
The latest price cut by Dangote refinery would lead to further downward adjustments of the pump price by the refinery’s distribution partners.
It will also spark a fresh price war between Dangote Refinery’s partners and other major marketers in the downstream petroleum market, including Nigerian National Petroleum Company Limited (NNPC) retail stations.
READ ALSO: Dangote Refinery To Start Processing Only Nigerian Oil By Year End
MRS Oil, one of Dangote refinery’s partners, had on Saturday, 5 July, announced a reduction of its pump price ranging between ₦885 and ₦915 per litre across the country. The NNPC also slashed its petrol pump price to ₦910 from ₦945 in Abuja during the weekend. It came barely four days after Dangote slashed its ex-gantry price to ₦840 from ₦880.
Petroleumprice.ng listed prices of some petroleum depots in Nigeria as of Tuesday, 8 July. Rainoil is selling at ₦840 in Lagos and ₦858 in Delta, Pinnacle Oil ₦838, FatGbems selling at ₦837, First Royal ₦838, First Fortune ₦850, NIPCO Lagos, ₦844. Matrix is selling ₦860 in Warri and Port Harcourt, ₦840 in Lagos.
Filling stations belonging to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) also announced a reduction in the petrol price to between ₦930 and ₦940 per litre from ₦945 and ₦975 in Abuja and ₦890 per litre, down from ₦925 in Lagos State.
More reductions in pump prices are expected with the latest Dangote ex-depot price.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
