Nigeria Breaks 2025 Oil Output Record As Dangote Refinery Sh*cks Market With Petrol Price Slash

Nigeria’s crude oil production, excluding condensates, climbed 11 percent year-on-year to 1.559 million barrels per day (bpd) in July 2025 — marking the country’s highest monthly output so far this year.....KINDLY READ THE FULL STORY HERE▶

The Organisation of Petroleum Exporting Countries (OPEC), in its August 2025 Monthly Oil Market Report (MOMR), revealed that output rose from 1.386 million bpd in July 2024 to 1.559 million bpd in July 2025.

On a month-to-month basis, production inched up by 1.0 percent from 1.543 million bpd in June 2025. OPEC, citing secondary sources, confirmed that July’s figures were the peak for 2025. Direct communication data also indicated a jump from 1.307 million bpd to 1.559 million bpd.

Despite the gains, production remains below the 2025 budget benchmark of 2.06 million bpd, $75 per barrel, and ₦500/$ exchange rate. However, Nigeria has now surpassed its OPEC quota of 1.5 million bpd for the third time this year.

Dangote Refinery Cuts Petrol Price
In a separate development, competition in the downstream sector intensified after Dangote Petroleum Refinery announced a ₦30 reduction in the ex-depot price of Premium Motor Spirit (PMS) — from ₦850 to ₦820 per litre — effective August 12, 2025.

The Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, said the adjustment reflects the company’s commitment to national growth and consumer relief. He also disclosed that from August 15, 2025, the refinery will commence phased deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks for nationwide fuel distribution as part of its clean energy initiative.

Market Reaction
Speaking with Vanguard, Olatide Jeremiah, CEO of Petroleumprice.ng, said the move has kept the market competitive.
“The Dangote Refinery continues to set the pace. Other operators have responded by revising their depot prices,” he explained, noting that global oil price movements will keep shaping Nigeria’s downstream market and could trigger further adjustments in the coming months.