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 for an urgent meeting to lower fuel prices starting on Tuesday.
In an exclusive interview with DAILY POST on Monday, Abubakar Maigandi, the president of the Independent Petroleum Marketers Association of Nigeria, revealed this information.
It’s accurate. On Monday, Dangote Refinery lowered the ex-depot price of gasoline from N880 per litre to N840. We are content.
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He said, “Once they load new products, our members will implement the new price.”
This demonstrated that the refinery, which produces 650,000 barrels per day, cut the ex-depot price of gasoline by N40 per litre.
According to Maigandi, an urgent conference of petroleum marketers is scheduled for Tuesday to determine a new national petrol price.
“In light of Dangote’s most recent announcement of a petrol cut, we will be meeting on Tuesday to discuss our PMS prices. He assured the Daily Post that the price of petrol would drop starting tomorrow.
Dangote Refinery’s gantry price has been reduced after the firm raised prices on June 20, 2025, in response to a spike in oil prices worldwide brought on by the Middle East conflict between Iran and Israel.
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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 are Ranoil and Empire filling stations.
The new price formula for the Dangote refinery coincides with the de-escalation of the Israeli-Iranian war following the announcement of a ceasefire by US President Donald Trump.
As a result, Brent and West Texas Intermediate crude futures dropped to $67.81 and $64.97 a barrel as of Monday night, from roughly $79 and $70 weeks earlier, respectively, causing a decline in world oil prices.
