In a move that has sparked nationwide buzz, the Dangote Petroleum Refinery has announced a reduction in the ex-depot price of petrol — from N880 to N840 per litre — effective Monday, June 30, 2025. The update was shared via the refinery’s official X (formerly Twitter) handle on Tuesday and is already making waves across the energy and consumer sectors.
This N40 drop comes just a week after the price was hiked to N880 and is largely influenced by global market shifts. A recent ceasefire between Israel and Iran has cooled geopolitical tensions in the Middle East, leading to a decline in crude oil prices.
Brent crude slipped by 16 cents (0.24%) to close at $67.61 per barrel — a significant drop from its previous level of around $80, driven by earlier U.S. airstrikes on Iranian nuclear facilities.
The price slash is expected to bring some relief to marketers and consumers, who have been grappling with fluctuating fuel costs and inflation. Nigerians are now watching to see how this change will reflect at the pump in the coming days.
