The Dangote Refinery has reduced its ex-depot price for Premium Motor Spirit (PMS) from ₦880 to ₦840 per litre.

This reduction comes ahead of an emergency meeting scheduled by petroleum product marketers on Tuesday, where a nationwide decrease in fuel pump prices is expected to be finalized.

Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the price cut, describing it as a positive development. He noted that IPMAN members would begin implementing the new price once they load fresh supplies.

With a refining capacity of 650,000 barrels per day, Dangote Refinery’s ₦40 price drop signals a potential relief in fuel costs across the country.

Maigandi added that the emergency meeting will focus on reviewing petrol prices in line with the latest ex-depot adjustment. “Certainly, the pump price will reduce from Tuesday,” he said.

This downward price review follows a previous hike implemented by the refinery on June 20, 2025, which was driven by rising global oil prices amid tensions in the Middle East.

As of Monday afternoon, filling stations in Lagos and Abuja were selling petrol between ₦875 and ₦970 per litre, depending on the outlet. Stations such as MRS (a partner of Dangote Refinery), NNPC, AA Rano, Shafa, Mobile, Eterna, and AP Ardova offered petrol at around ₦945 per litre. Others, including Ranoil and Empire stations, sold it between ₦950 and ₦970.

The latest pricing shift coincides with a decline in global crude oil prices, following a ceasefire announcement in the Israel-Iran conflict by U.S. President Donald Trump. Brent crude and West Texas Intermediate futures dropped to $67.81 and $64.97 per barrel respectively by Monday night, down from previous highs of around $79 and $70.