In response to shifting global oil dynamics and intensifying competition in Nigeria’s downstream sector, Dangote Petroleum Refinery has reduced its depot price for Premium Motor Spirit (PMS), commonly known as petrol, from N838 to N820 per litre.
This latest cut comes amid a significant decline in international crude oil prices, which dropped to $70 per barrel on Monday—down from over $77 per barrel recorded in June 2025.
READ ALSO: Dangote refinery cuts petrol price to N840
Other depot operators have also adjusted their petrol prices to remain competitive, although the extent of the reductions varies across companies.
According to data from petrolprice.com, Dangote Refinery implemented the steepest reduction. In contrast, Fatgbems made the smallest cut, trimming its depot price by just N1 to N837 per litre.
Further adjustments saw Integrated Oil and Bovas reducing their prices to N836 per litre, down from N837. AIPEC brought its price down by N3 to N837 per litre, while First Royal set its depot rate at N838 per litre.
Commenting on the development, Olatide Jeremiah, CEO of Petrolprice.ng, told Vanguard: “We are seeing a lot of dynamics in the global and domestic market. With the ceasefire in the Israel-Iran conflict, crude oil prices have dropped to about $70 per barrel from more than $77 per barrel. Consequently, operators in the domestic market have adjusted accordingly. We look forward to seeing more adjustments in the coming weeks.”
Just recently, Dangote Refinery had also reduced its gantry price of petrol by 4.5 percent—from N880 to N840 per litre—reflecting an earlier crude oil price dip to $67.50 per barrel.
The global energy market has been volatile in recent weeks, largely influenced by geopolitical tensions, especially the conflict between Israel and Iran. These fluctuations have continued to impact local pricing structures in Nigeria’s petroleum sector.
Earlier this month, when the price of Nigeria’s Bonny Light crude fell to $68 per barrel from over $80, depot operators responded by cutting petrol prices by about five percent.
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