Petrol Prices Plummet Below ₦900/Litre Nationwide After Dangote Refinery Slashes Ex-Depot Rates”

Lagos, July 8, 2025

Nigerians are breathing a sigh of relief as petrol prices have plummeted below ₦900 per liter nationwide, following a significant price reduction by Dangote Refinery. The refinery, Africa’s largest, slashed its ex-depot price to ₦898 per liter from ₦970, prompting major marketers like NNPC and independent stations to lower pump prices to as low as ₦885 in cities such as Lagos, Abuja, and Port Harcourt.

The price drop has sparked widespread optimism among motorists and businesses grappling with high fuel costs. “This is a huge relief,” said Aisha Bello, a trader in Abuja. “Cheaper fuel means lower transport fares and more money for my business.” Economists suggest the reduction could stabilize commodity prices and ease inflationary pressures in the short term.

Dangote Refinery attributed the price cut to enhanced production capacity and its commitment to bolstering Nigeria’s energy security. “We are dedicated to making fuel affordable for all Nigerians,” a refinery spokesperson said. The move has intensified competition among marketers, with many stations adjusting prices to attract customers.

However, industry experts caution that global crude oil price volatility could influence future pricing. The Independent Petroleum Marketers Association has assured Nigerians of adequate supply, urging stations to fully reflect the price cut at pumps.

As consumers enjoy the savings, questions linger about the sustainability of the price drop. For now, Nigerians are fueling up with renewed hope, grateful for this timely respite.