Dangote Petroleum Refinery has reduced the depot price of Premium Motor Spirit (petrol) to N820 per litre, down from N838 per litre. This adjustment comes in response to heightened competition in Nigeria’s domestic market and a drop in global crude oil prices, which fell to $70 per barrel from over $77 per barrel in June 2025.

Other operators in the market have also adjusted their depot prices, albeit at varying rates to remain competitive. For instance, Fatgbems decreased its price slightly to N837 per litre, while Integrated and Bovas set theirs at N836 per litre. AIPEC and First Royal made minor adjustments as well, with prices now at N837 and N838 per litre, respectively.

Industry analysts, including Olatide Jeremiah, CEO of Petrolprice.ng, noted the dynamic nature of both global and domestic markets. He attributed the recent price drops to a ceasefire in the Israel-Iran conflict, which has positively influenced crude oil prices.

Previously, the Dangote Refinery had reduced its petrol price by 4.5% to N840 per litre, reflecting ongoing fluctuations in the global oil market.