Petrol Prices Drop Below ₦900 as Dangote Refinery Cuts Ex-Depot Rates

GoldenNewsNg reports that petrol pump prices across Nigeria have dropped below ₦900 per litre, offering long-awaited relief to consumers and businesses. The price dip follows a ₦40 reduction in the ex-depot price by the Dangote Petroleum Refinery, which took effect on June 30, 2025.

This adjustment has already triggered widespread pump price changes, especially in Lagos, Ogun, and other key cities, with most filling stations now selling between ₦875 and ₦890 per litre.

Regional Petrol Prices After Dangote’s Adjustment

MRS Oil, one of the main distributors of Dangote petroleum products, led the shift by reducing its Lagos pump price from ₦925 to ₦885. Here’s a breakdown of average prices by region:

• South-West: ₦895

• North-West & North-Central: ₦905

• South-South, South-East & North-East: ₦915

These new prices follow Dangote’s ex-depot rate reduction from ₦880 to ₦840 per litre, as confirmed by Group spokesperson Anthony Chiejina.

Why Petrol Prices Are Dropping Now

The latest price cut is linked to global market shifts. With hostilities between Israel and Iran easing, crude oil prices have dropped significantly. Brent crude now hovers around $68 per barrel, and West Texas Intermediate (WTI) sits at $66, down from highs of $80+.

This global easing prompted Dangote Refinery to lower prices, helping local marketers adjust accordingly.

Marketers Initially Slow to Cut Pump Prices

Despite the ex-depot slash, many filling stations initially maintained higher pump prices, ranging from ₦925 to ₦960, due to unsold older stock.

“We need to exhaust existing stocks,” said Billy Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), defending the delayed retail response.

Depot Competition Brings Even Lower Prices

By Sunday, top depots in Lagos started selling even below the Dangote Refinery rate, according to PetroleumPrice.ng:

• ₦840/litre: RainOil, Pinnacle, Matrix, Emadeb, Swift, Wosbab

• ₦838–₦839/litre: First Royal, Menj, Aipec, MAO, Integrated

• ₦837/litre: Aiteo

• ₦844–₦858/litre: NIPCO, A&E

These competitive depot rates are driving retail pump prices down across the country.

New Pump Prices Across Lagos and Ogun Filling Stations

Our field reporters observed that several stations along the Lagos-Ibadan Expressway and beyond have already adjusted their prices:

• AP, SGR: ₦880

• As-Sallam: ₦875

• Akiavic: ₦885

• SAO: ₦890

• NIPCO, Satellite: ₦900

• RainOil: ₦910

This is a significant drop from just three weeks ago when pump prices soared between ₦915 and ₦980, especially in remote northern regions.

What This Means for Nigerians and MSMEs

For Micro, Small and Medium Enterprises (MSMEs), this drop is more than welcome. With logistics, power generation, and raw material transport heavily tied to petrol pricing, lower fuel costs could translate to:

• Reduced transportation expenses

• Lower operational costs

• Improved profit margins for small businesses

This change could ease pressure on businesses struggling with inflation and high input costs.

The petrol price drop below ₦900 is a direct result of Dangote Refinery’s pricing strategy, backed by a cooling global oil market. If the trend holds, Nigerians may enjoy greater price stability—and a rare moment of economic relief.

Stay tuned to GoldenNewsNg for real-time updates on petrol prices, business trends, and national economic developments.