In a fresh move to dominate the downstream oil sector and ease fuel cost pressures for Nigerians, Dangote Petroleum Refinery has once again reduced the ex-depot price of Premium Motor Spirit (PMS) to ₦820 per litre, down from ₦838/litre. The latest adjustment—announced Tuesday—comes as international crude oil prices slid below $70 per barrel, the lowest in months.

This price reduction marks the second downward review in under two weeks from Africa’s largest refinery. It reflects not just market sensitivity to global oil price fluctuations, but also a growing wave of competitive pricing among private depot operators in Nigeria’s liberalised petroleum industry.


According to data monitored by Vanguard, the global crude market has witnessed significant volatility in recent weeks. Prices dipped from over $77 per barrel in June to $70 per barrel as of Tuesday, following a ceasefire agreement in the Israel-Iran conflict—an event that had earlier fuelled supply fears and speculative hikes.

This decline prompted many domestic marketers to follow suit. Market watchers confirm that several major depot owners have adjusted their prices to stay competitive. Among them:

Fatgbems reduced its depot price marginally from ₦838 to ₦837/litre

Integrated Oil & Gas moved from ₦837 to ₦836/litre

Bovas also dropped its price to ₦836/litre, a ₦1 decrease

AIPEC revised downward from ₦840 to ₦837/litre

First Royal followed with a reduction to ₦838/litre

Industry analyst and CEO of PetrolPrice.ng, Olatide Jeremiah, stated in an interview that the recent price cuts are consistent with global trends and internal economic dynamics.

“The market is adjusting to the crude price dip caused by easing geopolitical tensions. We expect further downward adjustments in the coming weeks, depending on how the global oil landscape evolves,” Jeremiah said.



This latest development underscores Dangote Refinery’s aggressive pricing strategy as it seeks to consolidate market share in Nigeria’s fuel supply chain. Just recently, the company reduced its petrol gantry price by 4.5% from ₦880/litre to ₦840/litre, making waves across the market.

With the current cut to ₦820/litre, Dangote Refinery now offers the lowest depot price among major petroleum players in the country. This move is likely to put downward pressure on pump prices nationwide, although transportation and retail markups still play a key role in final pricing at filling stations.

Industry experts believe that Dangote’s approach is designed not only to penetrate the market faster but also to nudge other importers and depot owners into a more consumer-friendly pricing environment.

“Dangote is setting the pace. What we are witnessing is a rebalancing of power in the downstream sector. He has capacity, scale, and now he’s leveraging price to gain dominance,” noted oil economist Dr. Emmanuel Okojie.



For consumers grappling with persistent inflation and high energy costs, the refinery’s price slash brings much-needed relief. Though pump prices still vary due to transport and distribution costs, industry insiders say a reduction at the depot level often trickles down to the pump in a matter of days.

However, consumer groups are urging the government to ensure monitoring of filling stations to prevent profiteering by retailers who may resist lowering prices despite falling depot rates.


Despite this positive trend, the global oil market remains unpredictable. Fresh geopolitical tensions or production cuts by OPEC+ could reverse gains. Moreover, local factors such as forex volatility, logistics costs, and regulatory issues still weigh heavily on pricing.

Still, with Dangote Refinery now in full operation and crude oil costs trending downward, stakeholders believe the Nigerian downstream market is entering a new phase of transparency, competition, and price responsiveness.