Dangote Refinery cuts petrol price to N840/litre
The Dangote Petroleum Refinery has slashed its ex-depot price of Premium Motor Spirit (PMS) from N880 to N840 per litre, marking a N40 reduction just one week after it previously raised prices.
The new price came into effect on Monday, June 30, 2025, and reflects easing global crude oil prices following a de-escalation of tensions in the Middle East.
The update was announced by the company in a post on X (formerly Twitter) on Tuesday, July 1.
The reduction follows a 16-cent drop in Brent crude — from nearly $80 to $67.61 per barrel — as calm returned to oil markets after a ceasefire between Israel and Iran.
Analysts believe the price adjustment is part of the refinery’s market-responsive pricing strategy in Nigeria’s deregulated downstream sector.
Retailers with supply agreements from the refinery, including MRS Oil & Gas, Ardova Plc, and Heyden Petroleum, are expected to lower their pump prices below N900/litre in line with the new ex-depot rate.
The new pricing comes just five days after NNPC Limited raised its pump price to N915/litre, making Dangote’s move a significant market counterbalance.
In a parallel development, the $20 billion Dangote Refinery has announced a landmark free distribution initiative for petrol and diesel, beginning August 15, 2025.
The move is aimed at drastically reducing national fuel distribution costs and easing inflationary pressures.
According to a statement released on Sunday, June 30, the company has invested over N720 billion to deploy 4,000 Compressed Natural Gas (CNG)-powered trucks to deliver fuel across the country at no cost to marketers and large consumers.
“This bold step will see the privately-owned refinery absorb over ₦1.07 trillion annually in fuel distribution costs,” the company stated. “The initiative is expected to save Nigerians over N1.7 trillion every year.”
The company emphasized that eliminating transportation costs for fuel marketers would help reduce pump prices, combat fuel-induced inflation, and ensure smoother supply chains across Nigeria.
Since the removal of fuel subsidies in mid-2023, petrol prices in Nigeria have been determined by market forces, including international oil prices and the naira-to-dollar exchange rate.
