The Dangote Petroleum Refinery has reduced the ex-depot price of petrol from ₦880 to ₦840 per litre, marking a ₦40 drop effective Monday, June 30, 2025.
The development, confirmed by refinery spokesperson Tony Chiejina, follows a dip in global oil prices as tensions between Israel and Iran subsided after a two-week conflict. Brent crude prices fell by 16 cents to $67.61 per barrel, down from a recent high of $80, helping drive the domestic price adjustment.
Major filling stations with supply agreements from the refinery — including MRS Oil & Gas, Ardova Plc, and Heyden — are expected to reflect the reduction in their pump prices, likely bringing the cost at the pump below ₦900 per litre.
The price cut comes just a week after the refinery had increased its ex-depot price to ₦880 per litre and days after it announced the free distribution of petrol and diesel to selected marketers and large-scale users, set to commence August 15, 2025. As part of the initiative, the refinery also procured 4,000 CNG-powered tankers and is offering a two-week credit facility to bulk buyers purchasing a minimum of 500,000 litres.
While many consumers may benefit from the price reduction, petrol marketers and depot operators have voiced concerns that Dangote’s expansion into distribution could undermine their business models and squeeze out smaller operators.
Nigeria, which has faced decades of erratic electricity supply, remains heavily dependent on petrol-powered generators and vehicles. The fuel subsidy removal in May 2023 triggered a dramatic rise in petrol prices, pushing costs from around ₦200 to over ₦1,000 per litre — a trend the latest Dangote reduction may slightly ease.
