In a major relief for Nigerians, Dangote Refinery has reduced its premium motor spirit (PMS) ex-depot price from N880 to N840 per litre, marking a N40 per litre drop. The move is expected to trigger a nationwide reduction in fuel prices starting Tuesday.
The development was confirmed by the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, in an exclusive interview with DAILY POST on Monday.
“It is true. Dangote Refinery reduced its petrol ex-depot price to N840 from N880 per litre today. We are happy. Our members will implement the new price once they load new products,” Maigandi said.
The 650,000-barrel-per-day facility’s decision comes just days after it raised prices on June 20 due to surging global oil prices, which were driven by the intensifying conflict between Israel and Iran.
However, the recent de-escalation in the Middle East—following a ceasefire brokered by U.S. President Donald Trump—has led to a drop in global oil prices. Brent crude now trades at $67.81 per barrel, while West Texas Intermediate stands at $64.97, both down from highs of $79 and $70 respectively.
In response to the refinery’s new price template, IPMAN is set to hold an emergency meeting on Tuesday to review retail pump prices across the country.
“We will be meeting on Tuesday to review our PMS prices following the latest petrol reduction announced by Dangote. Certainly, the petrol price will come down from tomorrow,” Maigandi added.
As of Monday evening, fuel prices at filling stations in Lagos and Abuja ranged between N875 and N970 per litre. Major outlets such as MRS (a partner of Dangote Refinery), NNPC Limited, AA Rano, Shafa, Mobil, Eterna, and AP Ardova sold petrol for about N945 per litre, while others like Ranoil and Empire priced theirs between N950 and N970.
The anticipated nationwide price adjustment is expected to provide some economic relief to motorists and consumers, who have been grappling with high energy costs in recent weeks.
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