The Traffic

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 .