The Dangote Refinery has reduced its ex-depot price for Premium Motor Spirit (PMS) from ₦880 to ₦840 per litre, offering a ₦40 relief per litre to marketers. 

The decision, announced Monday, follows a recent global drop in crude oil prices after a ceasefire was declared in the Israel-Iran conflict.

President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed the development, stating that members are expected to implement the new price as soon as they begin loading new consignments.

In response, petroleum marketers are holding an emergency meeting on Tuesday to adjust retail pump prices across the country, likely resulting in a downward price shift for consumers.

Currently, petrol is being sold at ₦875–₦970 per litre in major cities like Lagos and Abuja, with stations like MRS, NNPC, AA Rano, and Ardova selling at around ₦945. The upcoming review is expected to reduce these retail prices.

This price cut follows the recent de-escalation in Middle East tensions, which caused global oil prices to drop, Brent crude now at $67.81 and WTI at $64.97, down from highs of $79 and $70 respectively.