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Nigeria’s crude oil output, excluding condensates, has risen by 11 per cent year-on-year to 1.559 million barrels per day (bpd) in July 2025 — the highest monthly production level recorded so far this year.
Naija News reports that the Organisation of Petroleum Exporting Countries (OPEC) disclosed the figures in its August 2025 Monthly Oil Market Report (MOMR), stating that output increased from 1.386 million bpd in July 2024 to 1.559 million bpd in July 2025.
On a month-on-month basis, production rose marginally by 1.0 per cent from 1.543 million bpd in June 2025. OPEC noted that, based on data from secondary sources, July’s production was the highest in 2025.
Data from direct communication also showed an increase, with output rising from 1.307 million bpd to 1.559 million bpd.
Despite the improvement, the current level remains below the 2025 budget benchmark of 2.06 million bpd, $75 per barrel, and N500/$ exchange rate.
However, it surpasses OPEC’s 1.5 million bpd quota for Nigeria for the third time this year.
Dangote Refinery Slashes Petrol Price
Meanwhile, competition in Nigeria’s downstream sector intensified as Dangote Petroleum Refinery announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS) from ₦850 to ₦820 per litre.
Naija News reports that the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, said in a statement issued on Tuesday that the price cut, effective August 12, 2025, reflects the company’s commitment to national development and consumer satisfaction.
“Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by ₦30.00, from ₦850 to ₦820 per litre, effective from 12th August 2025,” Chiejina said.
He added that the refinery would also begin phased deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks for fuel distribution across Nigeria from August 15, 2025, as part of its sustainable energy drive.
Market Reactions to Price Adjustment
Speaking toVanguard on Tuesday, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said the market remains dynamic as operators respond to Dangote’s pricing strategy.
“The market is still witnessing competition among operators. The Dangote Petroleum Refinery has been determining the pace. Other operators responded by adjusting their depot prices,” Jeremiah noted.
He added that fluctuations in the international oil market would continue to influence developments in Nigeria’s downstream sector, with further adjustments likely in the coming months.
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