by In a major move that could bring nationwide relief to motorists, Dangote Refinery has reduced the ex-depot price of premium motor spirit (PMS) from ₦880 to ₦840 per litre, effective Monday, June 30, 2025.
This marks a ₦40 per litre reduction from the company’s previous pricing, signaling a potential drop in pump prices across Nigeria.
📉 Marketers Set to Slash Prices After Emergency Meeting
The development was confirmed by the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, in an exclusive interview.
“It is true. Dangote Refinery reduced its petrol ex-depot price to ₦840. Our members will implement the new price as soon as they load new products,” Maigandi said.
According to him, petroleum marketers are convening an emergency meeting on Tuesday, July 1, to agree on a new national pump price in response to the updated ex-depot rate.
⛽ What to Expect at the Pumps
As of Monday evening:
- Petrol prices in Lagos and Abuja ranged from ₦875 to ₦970 per litre
- Major outlets like MRS, NNPC, AA Rano, and AP Ardova sold fuel at an average of ₦945
- Other stations such as Ranoil and Empire dispensed fuel as high as ₦970 per litre
With the new ₦840 depot rate, prices could fall by ₦30–₦50 per litre at select outlets in the coming days.
🌍 Global Oil Market Influence
The price cut follows the recent de-escalation of tensions between Israel and Iran, announced by U.S. President Donald Trump, which led to a drop in global crude oil prices:
- Brent Crude: Now at $67.81
- WTI Crude: Now at $64.97
This drop from highs of $79 and $70 per barrel earlier this month has allowed refineries like Dangote’s to adjust their local pricing templates accordingly.
📌 Summary:
- New Dangote depot price: ₦840/Litre
- Nationwide pump price drop expected from Tuesday
- Global oil prices down due to ceasefire in the Middle East
Stay tuned to KING AYOMMY BLOG for daily fuel price updates and economic insights.
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