In a notable shift, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), cutting it from N880 to N840 per litre. The new pricing took effect on Monday, June 30, 2025.
The announcement was made public on Tuesday via the company’s official X (formerly Twitter) handle, just days after the refinery had increased the ex-depot price to N880 per litre. The reduction marks a swift policy adjustment, reflecting developments in the international oil market.
According to industry analysts, the price cut follows a significant drop in global crude oil prices, which have seen renewed stability after recent geopolitical tensions began to ease. A ceasefire agreement between Israel and Iran—after months of heightened hostilities—helped cool global oil markets.
Following the ceasefire, Brent crude dipped by 16 cents, or 0.24%, to settle at $67.61 per barrel. This represents a substantial decline from its previous levels of around $80 per barrel, a drop attributed in part to earlier U.S. military action targeting Iranian nuclear infrastructure.
The Dangote Refinery, located in Lagos, had come under scrutiny last week for raising its ex-depot price amid rising concerns over domestic fuel affordability. This latest move is being interpreted as a responsive measure to international market dynamics, aimed at easing pressure on downstream operators and consumers alike.
The N40 per litre price cut is expected to have a ripple effect across Nigeria’s petroleum retail market, potentially offering some relief to motorists and businesses grappling with high operational costs.
Market watchers will now be observing whether the ex-depot adjustment translates into an actual reduction in pump prices nationwide.
