In a significant move to ease fuel costs, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N880 to N840 per litre.
The price cut, effective June 30, 2025, was confirmed by Dangote Group spokesman Anthony Chiejina in a statement to PUNCH on Monday night.
PMS price has been reduced from N880 to N840 per litre effective 30th June, Chiejina announced, signaling relief for Nigerian consumers.
The adjustment follows a volatile period in global oil markets, driven by a 12-day escalation of tensions between Israel and Iran, which pushed crude oil prices to nearly $80 per barrel.
The refinery had previously raised its petrol price to N880 during this crisis, reflecting the surge in crude costs.
With the new price regime, marketers had anticipated a shift, and industry partners such as MRS, Heyden, and AP are poised to adjust their pump prices accordingly, potentially lowering retail costs nationwide.
The price reduction underscores Dangote Refinery’s pivotal role in Nigeria’s energy landscape, leveraging its capacity to stabilize domestic fuel supply amid fluctuating global prices.
As Africa’s largest refinery, located in Lekki, Lagos, it continues to shape market dynamics, offering a buffer against international volatility.
The move is expected to ripple through the economy, easing transportation and production costs for businesses and households.
This development comes alongside other national efforts to address economic challenges, including partnerships to combat terrorist financing and money laundering.
