Energy

Again, Dangote Refinery Reduces Petrol Price

In another move aimed at easing the burden of fuel costs on Nigerians, the Dangote Petroleum Refinery has announced a further reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol. The ex-depot price has been cut from ₦840 to ₦820 per litre, effective Tuesday, July 9.

This marks the second price slash by the refinery within a week, following a ₦40 reduction from ₦880 to ₦840 last week. In total, petrol prices have dropped by ₦60—representing a 6.82% decline—in just seven days.

Confirming the latest price adjustment, Dangote Group spokesperson Anthony Chiejina said the decision was part of the company’s ongoing efforts to make petrol more affordable for Nigerians amid economic challenges.

“We have reduced petrol gantry price to ₦820 from ₦840 per litre,” Chiejina stated.

The move comes on the heels of recent fluctuations in global crude oil prices, driven largely by geopolitical tensions in the Middle East. Less than three weeks ago, petrol pump prices in Nigeria spiked to between ₦915 and ₦955 per litre due to rising international oil prices, with prices reportedly reaching as high as ₦980 in some northern regions.

However, the recent easing of tensions between Israel and Iran led to a sharp decline in crude prices—now trading below \$70 per barrel. This global shift has triggered a corresponding drop in local PMS prices.

As of Tuesday, several petrol stations in Lagos and Ogun States were selling petrol for between ₦875 and ₦890 per litre, with further decreases expected in the coming days as the new pricing structure takes effect nationwide.

Industry experts have commended Dangote’s proactive pricing strategy, stating that the refinery’s intervention could help stabilize domestic fuel prices, curb inflation, and stimulate broader economic growth.