Lagos, Nigeria – June 30, 2025 — The Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (petrol) from ₦880 to ₦840 per litre, effective Monday, June 30, 2025. The update was shared via the company’s official handle on X (formerly Twitter) on Tuesday.
The price cut comes just a week after the refinery raised the ex-depot price to ₦880 per litre, reflecting volatility in global oil markets. The new reduction, according to industry sources, was triggered by a decline in international crude oil prices following the easing of geopolitical tensions in the Middle East.
A recent ceasefire agreement between Israel and Iran contributed to a cooling of global oil markets. Brent crude, the international benchmark, dropped by 16 cents (0.24%) to close at $67.61 per barrel — a sharp fall from the nearly $80 per barrel levels seen during the peak of tensions. The earlier surge had been driven by U.S. airstrikes on Iranian nuclear facilities, raising fears of wider conflict.
Industry analysts have described the Dangote refinery's latest adjustment as a direct response to global market conditions, with the move expected to offer some relief to downstream operators and possibly ease pump prices for consumers in the coming days.
The ₦40 reduction marks the refinery’s second major price shift in recent weeks, underscoring its role as a key influencer in Nigeria’s evolving energy landscape.