On Tuesday, July 8, 2025, Dangote Petroleum Refinery reduced its ex-depot price for Premium Motor Spirit (PMS, petrol) from ₦838 to ₦820 per litre, marking its second price cut in two weeks and the sixth in 2025, driven by a drop in global crude oil prices and intensified competition in Nigeria’s downstream sector. The adjustment reflects a decline in Bonny Light crude prices to $68 per barrel from over $80, and Brent crude to $70 per barrel from $77 in June 2025, following a U.S.-brokered ceasefire in the Israel-Iran conflict. Other depot operators followed suit, with Fatgbems adjusting from ₦838 to ₦837, Integrated and Bovas from ₦837 to ₦836, AIPEC from ₦840 to ₦837, and First Royal to ₦838 per litre, though Dangote’s cut was the steepest, per Petrolprice.ng.
Olatide Jeremiah, CEO of Petrolprice.ng, told Vanguard, “We are seeing a lot of dynamics in the global and domestic market… We look forward to seeing more adjustments in the coming weeks.” Despite these reductions, pump prices at filling stations remain high, ranging from ₦875–₦960 in Lagos, Ogun, and other regions, as marketers like MRS, NNPC, and others sell old stock purchased at higher rates (₦880–₦945). The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) noted that retailers face losses if they lower prices before clearing old inventory, with PETROAN’s Billy Gillis-Harry urging patience for price stabilization. The Nigerian National Petroleum Company Limited (NNPC) also cut prices in Abuja to ₦910 from ₦945, aligning with Dangote’s reductions.
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