Dangote Petroleum Refinery has once again reduced the depot price of Premium Motor Spirit (PMS), commonly known as petrol, to N820 per litre, down from N838, amid intensifying competition in Nigeria’s domestic fuel market.

The latest price adjustment comes on the back of a decline in global crude oil prices, which fell to $70 per barrel yesterday, compared to over $77 per barrel in June 2025.

In response to both market pressure and falling crude prices, several other depot operators have also revised their prices, though at varying margins to remain competitive.

Data from Petrolprice.com reveals that Dangote Petroleum Refinery made the most significant cut, while Fatgbems made the smallest reduction, adjusting its price slightly from N838 to N837 per litre.

Other notable adjustments include:

Integrated Oil: N837 to N836 per litre

Bovas: N837 to N836 per litre

AIPEC: N840 to N837 per litre

First Royal: Maintained at N838 per litre

Speaking with Vanguard, Olatide Jeremiah, CEO of Petrolprice.ng, noted:

“There are many shifting dynamics in both global and local markets. The recent ceasefire between Israel and Iran has led to a drop in crude oil prices, now at around $70 per barrel. As a result, local marketers are adjusting their prices accordingly, and we may see further changes in the near future.”

This marks the second price reduction by Dangote Refinery in recent weeks. The company previously slashed the gantry price by 4.5%, from N880 to N840 per litre, following a decline in global crude oil prices to $67.50 per barrel.

The international oil market has remained volatile, largely driven by geopolitical tensions, especially the Israel-Iran conflict. As oil prices fluctuate, depot owners have been adjusting prices in line with the global trend—most recently reducing rates by up to 5% when Nigeria’s Bonny Light crude dropped from over $80 to $68 per barrel.