Marketers Set to Announce New Petrol Price on Monday After Dangote Crashes Cost

• Marketers plan to reduce petrol prices nationwide starting Monday, following a price cut by Dangote Refinery from N840 to N820 per litre
• Independent Petroleum Marketers Association of Nigeria says the move is aimed at easing costs for consumers and supporting market stability
• The decision reflects Dangote's increasing influence in the downstream oil sector, as Nigerians continue to face economic pressure

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to reduce the pump price of Premium Motor Spirit (PMS), commonly called petrol, from Monday, July 14th.

This follows a price cut by the Dangote Refinery, which slashed its ex-depot price from N840 to N820 per litre.

IPMAN’s national president, Abubakar Maigandi, confirmed the development in an interview on Friday. He said the association is eager to reflect the new refinery price and ease the burden on consumers.

“In response to the Dangote Refinery or any ex-depot petrol price cut, our members will also reduce. We will announce a fresh fuel price on Monday,” Maigandi stated.

Currently, petrol prices in Abuja range from N905 to N945 per litre. Stations linked to Dangote, such as AP, Ardova, and MRS, sell at N905, while other major outlets like NNPC, NIPCO, AA Rano, and Shema charge around N910. Independent marketers, including Ranoil, Empire Energy, and Total Emadeb, are dispensing at up to N945 per litre.

IPMAN’s move is seen as part of a ripple effect from Dangote’s growing presence in Nigeria’s downstream oil sector. The refinery, with a 650,000 barrels-per-day capacity, began supplying the local market earlier this year.

The planned price cut could offer some relief to Nigerians facing high living costs, especially after the removal of fuel subsidies and the recent instability in exchange rates.

By the end of 2025, the Dangote Petroleum Refinery, Africa's largest refinery and owned by the continent's richest billionaire, Aliko Dangote, intends to source all of its crude oil from Nigerian producers.

This is expected to mark a significant turning point for the country’s oil sector.

Devakumar Edwin, Vice President at Dangote Industries, overseeing the plant, told Bloomberg, “We expect long-term foreign crude contracts to expire and transition entirely to domestic supply before the year-end.”

This shift is expected to reduce Nigeria's reliance on imported refined fuels and help reduce supply chain inefficiencies and corruption.

Nigeria is now a net exporter of diesel, petrol, and aviation fuel as a result of the refinery’s progressive ramp-up since commissioning. However, when local production was unable to meet demand, the facility had to rely on crude from Ghana, Equatorial Guinea, Angola, and Brazil.

Speaking on the potentials of the billion dollar refinery, Samuel Oyekanmi, a research and insight associate with Norrenberger Financial Group said,

"The full implementation of Dangote Refinery is a potential growth propeller, however it will take time before we start seeing the full impact on the economy."

Dangote announces expansion to other countries

Legit.ng reported that Nigerian oil marketers’ imports of Premium Motor Spirit (PMS), also known as gasoline, fell to a record low in June, driven primarily by a surge in production from the 650,000-barrel-per-day Dangote Petroleum Refinery, according to new data.

According to an Argus article citing Kpler tracking data on Tuesday, July 8, 2025, the Dangote refinery's increasing output significantly decreased demand for the product from Norway, the United Kingdom, and European Union nations, which are traditional exporters of refined gasoline to Nigeria.

June was the lowest volume of gasoline exports from Europe to Nigeria since tracking started, according to Kpler statistics, underscoring the growing influence of domestic refining on the fuel import profile of the nation.

Source: Legit.ng