|By Adejumo Adekunle-
In a move set to offer relief to Nigerians grappling with high fuel costs, Dangote Refinery has reduced its premium motor spirit (PMS) ex-depot price from ₦880 to ₦840 per litre, effective Monday, June 30.
This ₦40 per litre price slash by the 650,000-barrel-per-day refinery comes barely two weeks after it implemented a hike following rising global oil prices triggered by the Israel-Iran conflict.
The development has prompted an emergency meeting of petroleum product marketers scheduled for Tuesday, July 2, to announce a fresh price adjustment at retail outlets across the country.
“It is true. Dangote Refinery reduced its petrol ex-depot price to ₦840 from ₦880 per litre on Monday. We are happy,”
said Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), during an exclusive interview with DAILY POST.
“Our members will implement the new price once they load new products,” he added.
Fuel Price Reduction Nationwide Begins Tuesday
Confirming the shift in market sentiment, Maigandi stated that petroleum marketers will begin implementing a downward price review nationwide after their meeting.
“We will be meeting on Tuesday to review our PMS prices following the latest petrol reduction announced by Dangote.
Certainly, the petrol price would come down from tomorrow,” Maigandi disclosed.
The ex-depot price is the rate at which petroleum products are sold by refineries to marketers, who then transport and sell at pump stations.
Context: Global Oil Market and Middle East Ceasefire
Dangote’s fresh pricing template follows a recent de-escalation in the Middle East crisis, after U.S. President Donald Trump announced a ceasefire between Israel and Iran. The cooling tension has seen global oil prices retreat, impacting local fuel costs.
As of Monday night:
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Brent crude dropped to $67.81 per barrel
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West Texas Intermediate fell to $64.97 per barrel
These prices were down from nearly $79 and $70 per barrel respectively just weeks ago.
Filling Station Prices Still High – But Not for Long
Despite the refinery’s downward review, fuel stations in Lagos and Abuja continued to dispense petrol between ₦875 and ₦970 per litre as of Monday.
Stations such as MRS, NNPC Ltd., AA Rano, Shafa, Mobile, Eterna, and AP Ardova sold PMS at ₦945 per litre on average.
Ranoil and Empire were among those selling at the high end — between ₦950 and ₦970.
Industry watchers expect these prices to begin adjusting downward once new stock is purchased at the new ex-depot rate.
