Nigeria’s Dangote Refinery has reduced its premium motor spirit ex-depot price to N840 from N880 per litre.
This comes as petroleum product marketers plan an emergency
meeting to drop fuel prices from Tuesday.
The President of the Independent Petroleum Marketers Association
of Nigeria, Abubakar Maigandi, disclosed this to DAILY POST during an exclusive
interview on Monday.
“It is true. Dangote Refinery reduced its petrol ex-depot
price to N840 from N880 per litre on Monday. We are happy.
“Our members would implement the new price once they load
new products,” he stated.
This showed that the 650,000-barrel-per-day refinery slashed
its petrol ex-depot prices by N40 per litre.
Marketers will drop
petrol price nationwide Tuesday – IPMAN
Maigandi said petroleum marketers will be having an
emergency meeting on Tuesday to decide on a new petrol price nationwide.
“We will be meeting on Tuesday to review our PMS prices
following the latest petrol reduction announced by Dangote. Certainly the
petrol price would come down from tomorrow,” he told DAILY POST.
The downward review of Dangote Refinery’s gantry price comes
after the company implemented a price hike on June 20, 2025, following a surge
in global oil prices as a result of the war between Israel and Iran in the
Middle East.
DAILY POST reports that as of Monday afternoon, petroleum
product marketers and filling station owners in Lagos and Abuja dispensed fuel
between N875 and N970 per litre, depending on the outlets.
MRS filling station, Dangote Refinery’s partner, the
Nigerian National Petroleum Company Limited, AA Rano, Shafa, Mobile, Eterna,
and AP Ardova sell petrol at N945 per litre as of Monday evening. Others, such
as Ranoil and Empire filling stations, dispense petrol between N950 and N970.
Dangote refinery’s fresh price template comes amid the
de-escalation of the conflict between Israel and Iran after the President of
the United States of America, Donald Trump, announced a ceasefire.
Consequently, global oil prices had witnessed a downward
trend as Brent and West Texas Intermediate crude futures fell to $67.81 and
$64.97 per barrel as of Monday night, down from around $79 and $70 weeks back.
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