Energy

Dangote Refinery Slashes Fuel Price as Marketers Prepare for Nationwide Price Drop

Nigeria’s Dangote Refinery has reduced its ex-depot price for premium motor spirit (petrol) from N880 to N840 per litre. The N40 cut was confirmed by the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, during an interview on Monday. He noted that marketers are prepared to implement the new pricing once they begin loading fresh supplies at the revised rate.

The price adjustment is expected to have an immediate impact across the country, as IPMAN plans an emergency meeting on Tuesday to set a new nationwide pump price in response to the change. Maigandi confirmed that petrol prices will drop from Tuesday, following the refinery’s revised price structure.

The reduction comes shortly after a previous hike on June 20, which was driven by surging global oil prices amid heightened geopolitical tensions between Israel and Iran. The latest decrease follows a reported ceasefire in the region, announced by U.S. President Donald Trump, which has helped ease global oil markets. Brent crude and West Texas Intermediate futures dropped to \$67.81 and \$64.97 per barrel respectively, down significantly from their previous highs of around \$79 and \$70.

Despite the expected drop, as of Monday evening, fuel prices at filling stations in Lagos and Abuja varied widely. Outlets such as MRS, Nigerian National Petroleum Company Limited, AA Rano, Shafa, Mobile, Eterna, and AP Ardova sold petrol at around N945 per litre, while others like Ranoil and Empire dispensed at rates between N950 and N970.

The Dangote Refinery, with a processing capacity of 650,000 barrels per day, is positioned to play a major role in stabilizing fuel prices across Nigeria.