DANGOTE Petroleum Refinery has announced a reduction in the ex-depot price of petrol from ₦880 to ₦840 per litre. The price cut, effective yesterday June 30, 2025, follows a dip in global oil prices as tensions between Israel and Iran eased.
The spokesperson for the refinery, Tony Chiejina, confirmed the price adjustment in a statement yesterday. The reduction comes just a week after the refinery raised its ex-depot price to ₦880 per litre.
Major filling stations with supply agreements with the Dangote Refinery — including MRS Oil & Gas, Ardova Plc, and Heyden — are expected to reflect the ₦40 drop by lowering their pump prices to below ₦900 per litre.
The price change aligns with a global decline in crude prices. Brent crude fell by 16 cents (0.24%) to close at $67.61 per barrel, down from around $80, following a ceasefire between Israel and Iran after the U.S. targeted Iran’s nuclear facilities.
Earlier, on June 15, 2025, the $20 billion Lagos-based refinery announced free fuel distribution across Nigeria and revealed it had acquired 4,000 new Compressed Natural Gas (CNG)-powered tankers for rollout on August 15.
In addition, the refinery is offering a credit scheme that allows bulk buyers of at least 500,000 litres of petrol to obtain an equal volume on two-week credit terms, backed by a bank guarantee.
However, this expansion strategy has drawn criticism from independent marketers and logistics operators, who warn it could threaten the survival of depot owners and smaller fuel distributors with longstanding contracts with corporate clients.
Nigeria’s chronic energy issues and the collapse of state-owned refineries have long forced the country to rely on imported refined petroleum products.
The situation has worsened since President Bola Tinubu removed fuel subsidies in May 2023, causing petrol prices to surge from around ₦200 to nearly ₦1,000 per litre — a steep rise that continues to strain households and businesses alike.