Dangote Refinery has reduced the price of petrol at its depot from N880 to N840 per litre. This change is expected to help reduce the cost of fuel across the country.
The president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed the price cut in an interview. He said marketers are pleased with the new price and will start selling at the reduced rate once they get new fuel supplies.
This N40 reduction from the refinery, which has a daily capacity of 650,000 barrels, is seen as a positive move. Petroleum marketers are planning to lower their own prices starting Tuesday.
According to Maigandi, IPMAN will hold an emergency meeting on Tuesday to discuss new petrol prices. He confirmed that fuel prices across the country will drop after the meeting.
This reduction in price follows an earlier increase by Dangote Refinery on June 20, 2025. The earlier hike was due to a rise in global oil prices caused by the war between Israel and Iran.
As of Monday afternoon, fuel prices in Lagos and Abuja ranged between N875 and N970 per litre depending on the filling station.
Some stations, like MRS (which partners with Dangote), NNPC, AA Rano, Shafa, Mobil, Eterna, and AP Ardova were selling fuel at N945 per litre. Others, like Ranoil and Empire, were selling petrol between N950 and N970.
The new lower price from Dangote comes after global oil prices dropped. This happened when U.S. President Donald Trump announced a ceasefire between Israel and Iran. As a result, Brent crude dropped to $67.81 and West Texas Intermediate fell to $64.97 per barrel, down from about $79 and $70 in recent weeks.
