In a major move that could bring relief to consumers across Nigeria, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦880 to ₦840 per litre. The price cut took effect on June 30, 2025.

The company’s spokesperson, Anthony Chiejina, confirmed the adjustment.

This comes after  recent price hikes, including the Nigerian National Petroleum Company Limited (NNPC) raising pump prices to as high as ₦945 per litre in some cities. The downward adjustment by Dangote is expected to influence price realignment across the downstream retail market.

The decision follows a recent drop in global oil prices, with Brent crude declining slightly and market volatility easing after weeks of geopolitical tension, particularly in the Middle East.