In a significant move that could bring relief to Nigerian motorists, Dangote Refinery has reduced the ex-depot price of premium motor spirit (PMS) from ₦880 to ₦840 per litre.
Confirming the development on Monday, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, described the reduction as a welcome move and revealed that marketers will adjust pump prices accordingly.
“It is true. Dangote Refinery reduced its petrol ex-depot price to ₦840 from ₦880 per litre on Monday. We are happy. Our members would implement the new price once they load new products,” Maigandi said.
The 650,000-barrel-per-day refinery’s ₦40 reduction comes as independent marketers prepare for an emergency meeting on Tuesday to officially review 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 would come down from tomorrow,” Maigandi added.
This adjustment follows a previous price hike on June 20, 2025, linked to the global oil price surge due to the Israel-Iran conflict. However, with a recent ceasefire brokered by U.S. President Donald Trump, crude oil prices have dipped—Brent and WTI now trade at $67.81 and $64.97 per barrel respectively.
As of Monday, prices at major filling stations in Lagos and Abuja ranged between ₦875 and ₦970 per litre. MRS, AA Rano, Shafa, AP Ardova, and others aligned with Dangote and NNPC currently sell petrol around ₦945, while others like Empire and Ranoil still dispense above ₦950.
The new pricing template from Dangote Refinery is expected to trigger a general decline in pump prices nationwide starting Tuesday.