The Dangote Refinery and Petrochemical Plant has announced a downward revision of its ex-depot price for Premium Motor Spirit (PMS), reducing the rate from N880 to N840 per litre, effective June 30, 2025.
The price adjustment was confirmed on Tuesday, July 1, via an official update on the X platform (formerly Twitter).
In a statement issued in Lagos, Mr. Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Industries Limited, said: “PMS price has been reduced from N880 to ₦840 per litre effective 30th June.”
The previous increase to ₦880 had been linked to a sharp rise in global crude prices amid a 12-day geopolitical standoff between Israel and Iran, which briefly pushed Brent crude to nearly $80 per barrel.
The recent de-escalation in the Middle East, alongside a retreat in oil prices, created room for the latest adjustment.
The price cut is expected to be reflected across major downstream partners of the refinery, including MRS, Heyden Petroleum, Ardova (AP), Hyde Energy, Optima Energy, and Techno Oil.
In addition to these longstanding partners, the refinery has welcomed several new distributors into its fast-expanding retail network.
New entrants include TotalEnergies, Garima Petroleum, Sunbeth Energies, Sobaz Nigeria Ltd., Virgin Forest Energy, Sixxco Oil Ltd., N.U. Synergy Ltd., Soroman Nigeria Ltd., Jezco Oil Nigeria Ltd., Jengre, Cocean, Kifayat Oil, Triumph Golden, Sifem Global, Riquest, and Mamu Oil, among others.
This broader distribution network is aimed at deepening market penetration, increasing access to competitively priced fuel, and stabilizing pump prices nationwide.
READ ALSO: Dangote refinery launches N720bn CNG logistics programme to cut fuel costs
The refinery also reiterated its commitment to transform the petroleum logistics ecosystem through the deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks. The initiative, backed by an investment of over ₦720 billion, is scheduled to commence on August 15, 2025.
According to an earlier statement by the company, this bold move will eliminate transportation costs for fuel marketers and industrial buyers — a key factor influencing pump prices and inflation.
“This initiative will allow Dangote to absorb over ₦1.07 trillion annually in fuel distribution costs and is expected to save Nigerians more than ₦1.7 trillion each year,” the company said.
The plan is also designed to deliver economic benefits to over 42 million Micro, Small and Medium Enterprises (MSMEs) by lowering energy costs, improving business margins, and enhancing productivity.
As Africa’s largest single-train refinery, with a capacity of 650,000 barrels per day, the Dangote Refinery is strategically positioning itself as a dominant player in Nigeria’s newly deregulated fuel market.
Since the removal of fuel subsidies in mid-2023, petrol pricing has been subject to international crude prices and naira-dollar exchange rates.
“What Dangote is doing is aggressively reshaping the fuel supply chain — from pricing to distribution,” said energy analyst Temitope Ajayi. “This strategy not only increases their competitive edge but also creates downward pressure on pump prices, especially in urban centres.”
Industry observers say that with the refinery taking control of pricing and logistics, Nigerians could begin to see more predictable fuel prices — and possibly further reductions — especially as local refining capacity scales up and FX volatility stabilizes.
As of now, Dangote Refinery’s ongoing expansion and pricing adjustments are being closely watched by market stakeholders, policymakers, and consumers alike, as Nigeria continues to recalibrate its downstream oil sector
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