Dangote Petroleum Refinery has reduced the ex-depot price per litre of petrol from ₦880 to ₦840.
The downward review of the price of the premium commodity was confirmed in an update provided on Monday by a spokesman for the refinery, Tony Chiejina.
Chiejina said the new ex-depot price took effect on Monday, June 30, 2025, about a week after the Lagos-based refinery jacked up the ex-depot price per litre of petrol to ₦880.
Filling stations like MRS Oil & Gas, Ardova Plc, Heyden, and others with special agreements with the Dangote Refinery are expected to reduce their pump price to below ₦900 to reflect the marginal reduction in the ex-depot price of the premium commodity.
The ₦40 reduction followed a drop in oil prices on Monday as the two-week Middle East conflict between Israel and Iran eased.
The ceasefire between the two countries saw Brent crude fell 16 cents, or 0.24%, to close at $67.61 a barrel from around $80 a barrel after the United States bombed Iran’s nuclear facilities.
On Sunday, June 15, 2025, the $20bn Lagos-based refinery announced the free distribution of petrol and diesel to marketers, dealers, and other large users across the country.
The 650,000 barrels-per-day capacity refinery said it has procured 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers for the take-off of the initiative on August 15, 2025.
It also offered a credit facility to those purchasing a minimum of 500,000 litres — allowing them to obtain an additional 500,000 litres on credit for two weeks, under a bank guarantee.
Petrol marketers and truck owners have since vehemently criticised the expansion moves by Dangote Refinery, saying it would asphyxiate depot owners, truck operators, and retail outlets who have special deals for the direct delivery of petrol and diesel to large corporations and multinationals.
For decades, Nigeria, Africa’s most populous nation, has been faced with intractable energy challenges, no thanks to an epileptic power supply that significantly affects productivity levels.
All the state-owned refineries were non-operational for decades until recently. Before the production of refined products by the Dangote Refinery, the country was heavily reliant on imported refined petroleum products, with the state-run NNPC being the major importer of the essential commodities.
Prices of petrol have risen fivefold since the removal of subsidy in May 2023 by President Bola Tinubu, from around ₦200/litre to around ₦1000/litre, compounding the woes of the citizens who power their vehicles, and generators with petrol, no thanks to decades-long epileptic electricity supply.
