By Marcus Nkire
Dangote Refinery Reduces Ex-Depot Price to ₦840
Nigeria’s Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) from ₦880 to ₦840 per litre. This marks a ₦40 reduction and signals a possible decrease in pump prices nationwide.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed the development on Monday during an exclusive interview.
“It is true. Dangote Refinery reduced its petrol ex-depot price to ₦840 from ₦880 per litre today. We are happy. Our members will implement the new price once they load fresh products,” he stated.
Petroleum Marketers to Meet on New Pump Price
Following the refinery’s price cut, IPMAN has scheduled an emergency meeting for Tuesday to determine a new pump price for petrol 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 would come down from tomorrow,” Maigandi added.
Background: Previous Price Hike Linked to Global Oil Surge
This downward price review comes after the refinery increased its ex-depot rates on June 20, 2025. That hike followed a spike in global oil prices caused by the conflict between Israel and Iran.
However, tensions have since eased after U.S. President Donald Trump announced a ceasefire, leading to a global decline in crude oil prices. As of Monday night, Brent crude fell to $67.81 per barrel, and West Texas Intermediate (WTI) dropped to $64.97—down from earlier levels of $79 and $70, respectively.
Current Fuel Prices at Filling Stations
Despite the recent reduction, many filling stations in Lagos and Abuja were still selling petrol between ₦875 and ₦970 per litre on Monday afternoon.
Major marketers such as MRS (Dangote’s distribution partner), NNPC Limited, AA Rano, Shafa, Mobil, Eterna, and AP Ardova sold petrol at about ₦945 per litre. Others like Ranoil and Empire dispensed fuel at higher rates ranging between ₦950 and ₦970 per litre.
Relief Expected at the Pumps
With the new ex-depot price in place and petroleum marketers set to meet, Nigerians can expect some relief at filling stations beginning Tuesday. Implementation of the new rates will depend on when marketers receive their next supply of products.
