Dangote Petroleum Refinery on Monday announced a reduction in its depot price for Premium Motor Spirit (petrol), lowering it from N838 to N820 per litre. The price cut reflects intensifying market competition as well as the decline in global crude oil prices, which dipped to $70 per barrel compared to over $77 in June 2025.
Other major players in the sector have also revised their depot prices to remain competitive. Data from petrolprice.com indicated that Dangote’s adjustment was the most significant among operators.
Fatgbems made the smallest cut, reducing its price marginally from N838 to N837 per litre. Integrated Oil similarly reduced its price by one naira to N836 per litre, while Bovas matched that rate, adjusting to N836 per litre from its previous N837 per litre.
AIPEC lowered its depot price to N837 per litre from N840, while First Royal adjusted its rate to N838 per litre.
Commenting on the market shifts on Monday, Olatide Jeremiah, an energy analyst and Chief Executive Officer of Petrolprice.ng, observed that both global and local petrol markets are experiencing significant changes. He explained that the recent ceasefire between Israel and Iran has calmed geopolitical tensions, leading crude oil prices to drop to around $70 per barrel from highs of over $77 per barrel.
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“Consequently, operators in the domestic market have adjusted accordingly. We look forward to seeing more adjustments in the coming weeks.”
The Dangote Refinery has cut its gantry price for petrol by 4.5 per cent, bringing it down to N840 per litre from the previous N880.
Market analysis shows that the price adjustment aligns with the recent drop in global crude oil prices, which slid to $67.50 per barrel from over $70 per barrel.
In recent weeks, global oil markets have remained volatile, largely driven by heightened tensions between Israel and Iran.
Similarly, depot operators have implemented a five per cent reduction in petrol prices following the decline in Nigeria’s Bonny Light crude, which fell to $68 per barrel after previously trading above $80.