Dangote Refinery Slashes Petrol Price by 4.5% to ₦840 Per Litre

The Dangote Petroleum Refinery has reduced the price of Premium Motor Spirit (petrol) by 4.5 percent, bringing the cost down from ₦880 to ₦840 per litre.

The new price became effective on Sunday, June 30, 2025.

The price cut comes as global crude oil prices continue to decline, with Bonny Light crude trading at approximately $67.50 per barrel, down from over $80 earlier in the year.

The refinery’s decision is seen as a strategic response to the global market trend, and it marks the second price reduction by the Dangote Refinery in recent months.

Following Dangote’s announcement, other marketers made similar adjustments. MENJ dropped its ex-depot price to ₦860 per litre, while MAO and Mainland reduced their prices to ₦860 and ₦890 per litre respectively.

The Dangote Refinery, which began operations earlier this year, has quickly become a major player in Nigeria’s fuel market. It previously cut diesel prices to ₦940 per litre in May, a move that was widely welcomed by both transport operators and industrial users.

Industry experts say the refinery’s pricing is helping to stabilize the fuel market and foster competition in the absence of government subsidies. They also note that while the refinery’s gantry price has dropped, the final pump price at retail stations may vary due to logistics, dealer margins, and other operating costs.

Market watchers believe further reductions could follow if global crude prices remain low and domestic refining continues at a steady pace. The Dangote Refinery, with its capacity to refine 650,000 barrels of crude per day, is expected to supply a significant portion of Nigeria’s fuel needs and reduce the country’s dependence on imports.

The latest price cut has been welcomed by consumers and stakeholders, who are hopeful that the development will ease pressure on transportation costs and the wider economy.