Dangote Petroleum Refinery on Monday reduced the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N838 to N820 per litre, as competition intensifies in Nigeria’s downstream oil market
The price cut follows a decline in global crude oil prices, which fell to $70 per barrel from over $77 in June 2025. Other fuel marketers have also adjusted their depot prices in response to the shift in market dynamics.
According to petrolprice.com, Dangote made the most significant reduction. Fatgbems recorded the smallest change, dropping its price by just N1 to N837 per litre. Integrated and Bovas both reduced their prices from N837 to N836 per litre. AIPEC moved from N840 to N837, while First Royal maintained its price at N838.
Speaking with Vanguard, Olatide Jeremiah, CEO of Petrolprice.ng, said the adjustments are linked to developments in both the global and local markets. He noted, “We are seeing a lot of dynamics in the global and domestic market. With the ceasefire in the Israel-Iran conflict, crude oil prices have dropped to about $70 per barrel from more than $77 per barrel. Consequently, operators in the domestic market have adjusted accordingly. We look forward to seeing more adjustments in the coming weeks.”
Just weeks earlier, Dangote Refinery had reduced its gantry price from ₦880 to ₦840 per litre, citing similar reasons. Market checks revealed that the earlier reduction was influenced by a drop in crude oil prices to around $67.50 per barrel.
Nigeria’s fuel market has experienced price fluctuations in recent weeks, driven largely by geopolitical tensions in the Middle East. Depot operators previously reduced prices by up to five percent when the price of Nigeria’s Bonny Light crude fell from over $80 to $68 per barrel.
Industry watchers expect more price movements in the days ahead as oil prices remain unstable and market players continue to compete for a larger share of the domestic fuel market.
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, also known as petrol, from N838 to N820 per litre, as competition intensifies in Nigeria’s downstream oil market){kind=link}
Make Dem dey reduce am dey go 👌🏻
Nice one