Dangote Refinery Slashes Petrol Price To N840

Dangote Petroleum Refinery has reduced the ex-depot price of petrol from N880 to N840 per litre, effective Monday, June 30, 2025.

The announcement was made via an update on the company’s official X (formerly Twitter) account on Tuesday.

This adjustment came about a week after the Lagos-based refinery raised the ex-depot price to N880 per litre.

The N40 price cut followed a drop in global oil prices after tensions in the Middle East de-escalated.

A ceasefire between Israel and Iran led to a decline in Brent crude, which fell by 16 cents (0.24%) to close at $67.61 per barrel, down from around $80, following earlier U.S. airstrikes on Iranian nuclear sites.

In a separate significant development, the refinery announced on Sunday that it will begin the free distribution of petrol and diesel to marketers, dealers, and high-volume users across the country, starting August 15, 2025.

As part of this initiative, the company has procured 4,000 Compressed Natural Gas (CNG)-powered tankers to facilitate nationwide delivery.

According to the Dangote Group, the investment totals over N720 billion, and the company expects to absorb more than N1.07 trillion annually in fuel distribution costs.

A statement from the refinery read, “Dangote Petroleum Refinery has invested over N720 billion to implement its landmark initiative of deploying 4,000 Compressed Natural Gas (CNG)-powered trucks for the nationwide distribution of petroleum products, which is expected to save Nigerians over N1.7 trillion annually.

“This bold step will see the privately-owned refinery absorb over N1.07 trillion annually in fuel distribution costs. The initiative is also poised to significantly benefit over 42 million Micro, Small and Medium Enterprises (MSMEs) by reducing energy costs and enhancing profitability.

“The initiative, which eliminates transportation costs for fuel marketers and large-scale consumers, is expected to help reduce pump prices and inflation. From 15 August, Dangote will begin the direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers.”