Dangote Petroleum Refinery has lowered its ex-depot price of petrol from ₦880 to ₦840 per litre.
A spokesman for the refinery, Tony Chiejina, confirmed the price cut on Monday, 30 June 2025, just a week after the Lagos-based facility raised the ex-depot rate to ₦880.
Major filling stations, including MRS Oil & Gas, Ardova Plc, and Heyden — which have special supply agreements with the refinery — are now expected to drop their pump prices below ₦900 to reflect the updated ex-depot rate.
The ₦40 reduction followed a decline in global oil prices after tensions between Israel and Iran eased. Brent crude dropped by 16 cents, or 0.24%, closing at $67.61 per barrel — down from around $80 — after the US bombed Iran’s nuclear sites, prompting a ceasefire.
On 15 June 2025, the $20 billion Dangote Refinery announced a free distribution of petrol and diesel to marketers, dealers, and large-scale consumers nationwide. The refinery, which has a daily capacity of 650,000 barrels, also revealed it had purchased 4,000 Compressed Natural Gas (CNG)-powered tankers to kick-start the scheme from 15 August 2025.
To support bulk buyers, the refinery introduced a credit offer: purchasers of 500,000 litres can receive an additional 500,000 litres on credit, valid for two weeks with a bank guarantee.
However, petrol marketers and transporters have criticised the refinery’s aggressive expansion. They warned that the free fuel initiative and direct corporate deliveries risk marginalising depot owners, truck operators, and smaller retail outlets.
For decades, Nigeria has battled severe energy challenges due to unreliable electricity. State-owned refineries remained dormant for years, making the country heavily dependent on imported refined products, mainly through the Nigerian National Petroleum Company (NNPC).
Since President Bola Tinubu removed fuel subsidies in May 2023, petrol prices have surged from around ₦200 to over ₦1000 per litre, worsening living conditions for Nigerians who rely on petrol to power vehicles and generators amid a persistently erratic power supply.