Petrol Price Likely to Fall Below ₦900 as Dangote Refinery Again Cuts Wholesale Rate

The cost of Premium Motor Spirit (PMS) is expected to ease in the coming days after the Dangote Petroleum Refinery slashed its ex-depot price from ₦850 to ₦820 per litre.

The adjustment, announced on Tuesday by the company’s Chief Branding and Communications Officer, Anthony Chiejina, takes effect from August 12, 2025. Chiejina described the move as part of the refinery’s commitment to supporting national economic stability, assuring consumers of steady product availability.

Before the reduction, motorists in Lagos and Ogun States were paying between ₦900 and ₦920 per litre at various filling stations, including outlets linked to the Nigerian National Petroleum Company Limited and independent marketers such as Ardova and Heyden.

The increase had come despite a slight drop in global crude oil prices, which slipped from around $69 to $66 per barrel over the weekend.

With the latest ex-depot cut, retail prices are projected to settle at about ₦865 in Lagos and ₦875 in Ogun and surrounding areas, according to industry estimates. The Petroleum Products Retail Outlet Owners Association of Nigeria had earlier hinted that marketers were anticipating a downward adjustment in prices this week.

In a related development, the refinery announced plans to begin deploying 4,000 Compressed Natural Gas-powered trucks for fuel distribution nationwide starting August 15.

The initiative, the company said, aligns with its drive for operational efficiency and cleaner energy solutions.

PUNCH