In what could signal the beginning of price relief for Nigerian consumers, the Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦880 to ₦840 per litre. The decision, confirmed on Monday, June 30, 2025, comes amid expectations of a nationwide review of pump prices by independent marketers.
Speaking to StandardDailyPress, Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the reduction and hinted that members of the association would soon reflect the new price in their sales.
“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 said.
The move marks a ₦40 per litre drop in the ex-depot price — a significant step, especially at a time when Nigerians have been grappling with high fuel costs.
Maigandi also revealed that an emergency IPMAN meeting is scheduled for Tuesday, July 1, where petroleum marketers across the country will deliberate on adjusting their pump prices in line with the new development.
“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 StandardDailyPress.
This adjustment follows the recent price hike implemented by the refinery on June 20, 2025, which was largely influenced by rising global oil prices triggered by escalations in the Israel-Iran conflict.
However, global markets have since cooled. With the announcement of a ceasefire between Israel and Iran — brokered by U.S. President Donald Trump — crude prices have seen a downward trend. Brent crude fell to $67.81 per barrel, while West Texas Intermediate dropped to $64.97, from recent highs of $79 and $70 respectively.
As of Monday, fuel prices at various filling stations in Lagos and Abuja ranged from ₦875 to ₦970 per litre. Major outlets including MRS (a partner of Dangote Refinery), Nigerian National Petroleum Company Limited (NNPCL), AA Rano, Shafa, Mobil, Eterna, and Ardova sold petrol at ₦945 per litre. Others like Ranoil and Empire stations were dispensing at between ₦950 and ₦970.
With Dangote’s new price template now in effect and a meeting of marketers set to follow, Nigerians could see a downward shift in pump prices across the country starting as early as Tuesday — a welcome break for both commuters and small businesses alike.
