BusinessDangote Refinery reduces fuel price as petrol marketers hold emergency meeting
Dangote Refinery has reduced its premium motor spirit ex-depot price to ₦840 from ₦880 per liter, a ₦40 per liter decrease. This decision comes after the refinery increased prices on June 20, 2025, due to a surge in global oil prices resulting from the Israel-Iran conflict. With the recent de-escalation of the conflict, global oil prices have dropped, prompting the refinery’s price reduction.
By Rhalialt Arhuoizah
Key Details:
– New Price: ₦840 per liter, down from ₦880 per liter
– Price Reduction: ₦40 per liter decrease
– Refinery Capacity: 650,000 barrels per day
– Marketers’ Response: Petroleum product marketers plan to drop fuel prices nationwide following the refinery’s price reduction .
Impact on Fuel Prices:
– Current Prices: As of Monday evening, fuel prices ranged from ₦875 to ₦970 per liter in Lagos and Abuja, depending on the outlet
– Expected Change: Marketers are expected to implement the new price once they load new products, potentially leading to a decrease in fuel prices nationwide
– Emergency Meeting: The Independent Petroleum Marketers Association of Nigeria (IPMAN) will hold an emergency meeting on Tuesday to decide on new petrol prices nationwide .
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