The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N880 to N840 per litre. This new rate took effect on June 30 and was confirmed by the company’s spokesperson, Anthony Chiejina.

This price drop follows a recent increase that had been driven by rising global crude oil prices, which were affected by tensions between Israel and Iran, and the bombing of Iranian nuclear facilities by U.S. President Donald Trump. At the time, oil prices surged to nearly $80 per barrel, with analysts warning it could hit $130 depending on Iran’s response.

With a ceasefire now in place, market expectations had already pointed toward a price adjustment, and Dangote has acted on that. As a result, fuel distributors working with the refinery such as MRS, Heyden, and AP are expected to align their pump prices with the new rate.

This development comes just a week after NNPC Limited increased petrol prices at its retail stations in cities like Lagos, Abuja, and Ibadan by N35 to N45 per litre.