Petrol prices have been lowered by ₦40 following a dip in global oil rates.
The Dangote Refinery announced a cut in its ex-depot price from ₦880 to ₦840 per litre, effective Monday, June 30, 2025.
Spokesman Tony Chiejina confirmed the reduction after international oil prices eased, especially amid the Israel–Iran ceasefire, which sent Brent crude down to \$67.61 a barrel from about \$80.
“The new ex-depot price took effect on Monday, June 30, 2025,” Chiejina stated, explaining the benchmark for filling stations like MRS Oil & Gas, Ardova Plc, and Heyden.
Although the drop is welcome, petrol marketers warn that many wholesale and retail rates will likely stay close to ₦900 per litre.
They argue the minor reduction won’t significantly ease pump prices for consumers.
The reduction comes just two weeks after the refinery raised the price from ₦840 to ₦880, highlighting ongoing volatility in the market.
Furthermore, Dangote Refinery had earlier promised to ease fuel access by offering free petroleum distribution and a credit facility for large buyers, effective August 15, 2025.
The ambitious plan includes deploying 4,000 CNG-powered tankers, with buyers purchasing at least 500,000 litres set to receive an additional 500,000 litres on credit, supported by bank guarantees.
These efforts were aimed at offsetting the collapse of state-run refineries and the subsidy removal in May 2023, which had caused prices to surge from about ₦200 to close to ₦1,000 per litre.
However, opposition from marketers and truck operators has emerged.
They argue that the innovations by Dangote Refinery threaten depot owners and retail outlets that depend on direct delivery deals.
They claim the credit and free distribution programs might squeeze their profits.
Moreover, despite the ₦40 price slash, it fails to offset the economic pressure already imposed by the fuel subsidy removal nearly two years ago.
Many Nigerians rely on petrol for commuting and running generators due to erratic power supply, making even small savings feel distant.
Therefore, while the price cut is a step in the right direction, many voices call for deeper reforms.
In conclusion, the Dangote Refinery’s price move provides a brief reprieve. But with inflation still high and living costs unchanged, customers across Nigeria remain skeptical.
