In a significant move to further ease pressure on fuel consumers, Nigeria’s largest domestic fuel supplier Dangote refinery has downwardly revised its petrol ex-depot price from N880 to N840 per litre.
The price adjustment, effective as of June 30, 2025, follows a decline in global crude oil prices, which recently dropped from $80 to $67 per barrel.
International oil prices fell following the US and Qatari government brokered a ceasefire between Israel and Iran in a conflict that left the energy market on an edge.
This strategic decision by Dangote is expected to impact market trends positively, with downstream marketers and filling stations likely to adjust retail pump prices accordingly.
Industry sources report that several depots have already begun aligning with the new ex-depot price, with some offering rates as low as N860 per litre, creating anticipation for a wider market adjustment in the coming days.
In response to the development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) convened an emergency meeting to harmonize pricing across regions and ensure uniformity in distribution and sales nationwide.
This is not the first time this year that Dangote has adjusted its ex depot prices.
Since coming onstream in 2023, the mega plant has shaken the Nigerian downstream market.
Next month, the plant plans to enter the domestic fuel supply market in a way many imagine.
About 4,000 CNG-powered trucks have been procured and are waiting to start direct fuel deliveries to major customers across the country, a strategy that by-passes the traditional middlemen in the supply chain.