In a welcome development for millions of Nigerians, Dangote Petroleum Refinery has once again slashed the ex-depot price of petrol, dropping it from ₦880 to ₦840 per liter.

The price cut took effect on June 30, 2025, and was confirmed by Dangote Group spokesperson Anthony Chiejina, who stated:

“PMS price has been reduced from N880 to N840 per litre effective 30th June.”

This change comes after a temporary price hike driven by global tensions, notably the 12-day standoff between Israel and Iran, which caused crude oil prices to spike near $80 per barrel. Dangote’s earlier adjustment to ₦880 had mirrored those global market shifts.

With the situation now easing, marketers like MRS, Heyden, and AP are expected to follow suit, reducing pump prices and offering nationwide relief at the fuel stations.

What This Means for Nigerians

This price drop isn’t just about savings at the pump; it’s a potential ripple effect across the entire economy.

• Lower transportation costs

• Reduced prices for goods and services

• Slight ease on inflationary pressure for both businesses and households

As Africa’s largest refinery, located in Lekki, Lagos, the Dangote facility continues to play a critical role in stabilizing Nigeria’s fuel supply, reducing the nation’s dependence on imported refined products, and offering a buffer against international oil price shocks.

This latest move aligns with broader national efforts to tackle Nigeria’s economic challenges, including

• Reducing fuel importation pressures

• Curbing terrorist financing and money laundering through public-private partnerships

• Empowering local industries with more predictable fuel pricing