The Dangote Refinery has announced a significant reduction in its ex-depot price for Premium Motor Spirit (PMS), commonly known as petrol, lowering it from ₦880 to ₦840 per litre. This ₦40 drop comes just days after an earlier price hike triggered by global oil market volatility.
Confirming the development in an exclusive interview with DAILY POST on Monday, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Abubakar Maigandi, said marketers were pleased with the new pricing and would begin implementing it immediately upon receiving fresh allocations.
“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 stated.
Nationwide pump price drop expected Tuesday
Following the refinery’s announcement, IPMAN is set to hold an emergency meeting on Tuesday, June 17, to deliberate on a new uniform petrol price nationwide. Maigandi indicated that the expected outcome would be a significant reduction at the pump, effective immediately after the meeting.
“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,” he added.
The reduction comes after Dangote Refinery had increased its ex-depot prices on June 20, 2025, in response to surging global oil prices due to the escalation of the Israel-Iran conflict in the Middle East.
However, with tensions easing following a U.S.-brokered ceasefire announced by President Donald Trump, global oil markets have cooled significantly. Brent crude fell to $67.81, while WTI dropped to $64.97 per barrel as of Monday night, marking a major correction from highs of over $79 and $70, respectively.
Despite the expected drop, as of Monday evening, filling stations in Lagos and Abuja were still dispensing petrol at high prices ranging from ₦875 to ₦970 per litre.
Major marketers including MRS, NNPC, AA Rano, Shafa, Mobil, Eterna, and AP Ardova were selling fuel at ₦945, while independent stations like Ranoil and Empire priced their petrol between ₦950 and ₦970.
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