The Dangote Petroleum Refinery has announced a reduction in the pump price of Premium Motor Spirit (PMS), bringing the cost down to ₦840 per litre from the previous ₦880. The new price took effect immediately on June 30, 2025, marking a 4.5% decrease and signaled a potential easing of fuel-related inflation pressures.
According to a statement by Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, the decision reflected recent shifts in the global crude oil market, where prices dropped from over $70 to $67.50 per barrel.
Earlier this year, Dangote Refinery raised PMS prices following a surge in global crude prices driven by geopolitical tensions in the Middle East, particularly between Israel and Iran. With relative market stability now restored, the refinery has moved to pass on cost savings to Nigerian consumers.
Major marketers such as MRS and AP are expected to adjust pump prices nationwide in line with the new benchmark. Analysts have, however, urged cautious optimism, citing continued volatility in the global oil market.
Transporters and small businesses have welcomed the price cut, which is expected to marginally reduce the cost of living and doing business. Observers also note that the move reinforces Dangote Refinery’s growing influence in Nigeria’s energy landscape and its role in driving local pricing trends.
While the current reduction offered a temporary reprieve, stakeholders continue to monitor global market dynamics closely. Further changes in international crude benchmarks could influence subsequent pricing decisions.
For now, motorists and households enjoy much-needed relief at the pump as Dangote’s pricing model adapt to shifting economic realities.
