In a fresh move to stay competitive in Nigeria’s fuel market, the Dangote Petroleum Refinery has once again slashed the depot price of Premium Motor Spirit (PMS), popularly known as petrol, to N820 per litre, down from N838.
The price reduction comes amid a decline in global crude oil prices, which dropped to $70 per barrel on Monday, from over $77 per barrel in June 2025. Industry sources link the fall to easing tensions in the Middle East following a ceasefire in the Israel-Iran conflict.
As market competition intensifies, other depot operators have also made slight downward adjustments to their petrol prices:
Fatgbems: N837 from N838
Integrated: N836 from N837
Bovas: N836 from N837
AIPEC: N837 from N840
First Royal: N838
According to PetrolPrice.com, Dangote Refinery made the most significant reduction, underlining its aggressive pricing strategy.
Speaking to Vanguard, Olatide Jeremiah, CEO of PetrolPrice.ng, said: “We are witnessing increased market activity and adjustments in response to global trends. The drop in crude prices, particularly following the Israel-Iran ceasefire, has prompted refiners and depot owners to lower their rates. We anticipate further changes in the weeks ahead.”
This latest cut follows an earlier 4.5% reduction by Dangote Refinery, when it dropped petrol’s gantry price from N880 to N840 per litre, also in response to falling crude oil prices which dipped to $67.50 per barrel at the time.
Nigeria’s petroleum market has remained volatile in recent weeks, with price swings driven largely by global geopolitical developments and fluctuations in the price of Nigeria’s Bonny Light crude, which recently slid to $68 per barrel from over $80.
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