Dangote Refinery in Nigeria has lowered the ex-depot price of its premium motor spirit from N880 per litre to N840.
This occurs as marketers of petroleum products prepare an urgent meeting to lower fuel prices starting on Tuesday.
In an exclusive interview on Monday, Abubakar Maigandi, the president of the Independent Petroleum Marketers Association of Nigeria, revealed this.
“It is true. Dangote Refinery reduced its petrol ex-depot price to N840 from N880 per litre on Monday. We are happy.
“Our members would implement the new price once they load new products,” he stated.
This showed that the 650,000-barrel-per-day refinery slashed its petrol ex-depot prices by N40 per litre.
Marketers will drop petrol price nationwide on Tuesday – IPMAN
According to Maigandi, an urgent conference of petroleum marketers is scheduled for Tuesday in order to determine a new national petrol price.
“In light of Dangote’s most recent announcement of a fuel cut, we will be meeting on Tuesday to discuss our PMS pricing. He assured The Intercept that the price of gas will drop starting tomorrow.
Dangote Refinery’s gantry pricing is now declining after the corporation raised rates on June 20, 2025, in response to a spike in oil prices worldwide because on by the Middle East conflict between Iran and Israel.
According to The Intercept, as of Monday afternoon, filling station owners and marketers of petroleum products in Lagos and Abuja were dispensing fuel at prices ranging from N875 to N970 per litre, depending on the establishment.
As of Monday night, the price of gasoline at MRS Filling Station, the Nigerian National Petroleum Company Limited, AA Rano, Shafa, Mobile, Eterna, and AP Ardova, the partner of Dangote Refinery, is N945 per litre. Others that dispense petrol between N950 and N970 include Ranoil and Empire filling stations.
The new pricing formula for the Dangote refinery coincides with the de-escalation of the Israeli-Iranian war following the announcement of a truce by US President Donald Trump.
Consequently, global oil prices had witnessed a downward trend as Brent and West Texas Intermediate crude futures fell to $67.81 and $64.97 per barrel as of Monday night, down from around $79 and $70 weeks back.
