Dangote Refinery has cut the price of premium motor spirit (petrol) at its depot from ₦880 to ₦840 per litre, a drop of ₦40 per litre.
The news was confirmed by Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), during an interview on Tuesday, June 1,, 2025.
“Yes, it’s true. Dangote Refinery reduced its petrol price to ₦840. We are happy, and our members will begin using the new price as soon as they load fresh supplies,” Maigandi said.
Following this change, petroleum marketers will hold an emergency meeting on Tuesday to decide on a new pump price for petrol across the country.
“We are meeting on Tuesday to review our prices after the Dangote reduction. Without a doubt, petrol prices will go down starting tomorrow,” Maigandi added.
The price cut comes after Dangote Refinery raised prices on 20th June 2025, due to a rise in global oil prices caused by the conflict between Israel and Iran.
However, the situation has improved after US President Donald Trump announced a ceasefire, easing tensions in the Middle East. As a result, global oil prices have dropped. On Monday night, Brent Crude fell to $67.81 per barrel and West Texas Intermediate dropped to $64.97, compared to around $79 and $70 just weeks ago.
Despite the price reduction by Dangote, filling stations in Lagos and Abuja were still selling fuel between ₦875 and ₦970 per litre on Monday, depending on the location.
Some major outlets like MRS, NNPC, AA Rano, Shafa, Mobile, Eterna, and AP Ardova sold petrol at ₦945, while Ranoil and Empire sold at up to ₦970 per litre.
More updates on the new nationwide pump price are expected after the marketers’ meeting on Tuesday.
