- Dangote Refinery slashed its ex-depot petrol price by N50 per litre, with the new rate taking effect from August 6, 2026
- Several private depots across Lagos are still selling above the refinery’s new price, though some have begun releasing lower rates
- A financial analyst told Legit.ng that more depot price cuts are expected in the coming days as fresh cargo arrives at cheaper rates
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerians could soon enjoy cheaper fuel across the country after the Dangote Refinery announced another reduction in its ex-depot petrol price, a move that has already begun reshaping pricing across private fuel depots.
The 700,000-barrels-per-day refinery reduced its gantry price for Premium Motor Spirit (PMS), popularly known as petrol, to ₦1,165 per litre from ₦1,215 per litre, representing a ₦50 per litre cut.
Credit: Novatis
Source: Getty Images
The refinery also slashed the ex-depot price of diesel from ₦1,650 to ₦1,570 per litre, offering marketers and distributors another opportunity to lower costs.
The new prices take effect from August 6, 2026, further intensifying competition in Nigeria’s downstream petroleum market.
Depots begin adjusting petrol prices
Although Dangote’s latest price is now the lowest among major suppliers, several private depots are already responding by adjusting their own rates.
Market data obtained from Petroleumprice.ng shows that Pinnacle has reduced its petrol price to ₦1,175 per litre, just ₦10 higher than Dangote’s new ex-depot rate.
Other depots are yet to fully align with the new pricing. Soroman quoted ₦1,214 per litre, Mainland maintained ₦1,215 per litre, while A.A. Rano sold petrol at ₦1,216 per litre.
Earlier this week, Aiteo retained its price at ₦1,215 per litre on both August 4 and August 5, while Ardova, Lister, and A.A. Rano all sold petrol at around ₦1,216 per litre, leaving Dangote’s revised price at least ₦50 cheaper.
Why have many depots not fully reduced prices?
Industry experts say the slower response from some depots is expected because many marketers are still selling fuel purchased when Dangote’s previous ex-depot price stood at ₦1,215 per litre.
Once those inventories are exhausted and new supplies arrive at the revised price, depot rates are expected to fall further.
Financial analyst Osas Igho said Nigerians should expect broader reductions across the downstream market in the coming days.
According to him, many marketers are already sourcing fresh cargoes at lower costs, helped by the recent decline in global crude oil prices.
“We are expecting massive depot petrol and fuel price cuts in the coming days,” Igho said.
What the new price means for Nigerians
The latest reduction has renewed hopes that filling stations will eventually pass the savings on to motorists.
If retail fuel prices begin to decline nationwide, transportation costs, logistics expenses, and the prices of goods and services could also ease, offering some relief to households and businesses grappling with high living costs.
Credit: Novatis
Source: Getty Images
The move also reinforces Dangote Refinery’s growing influence in Nigeria’s petroleum market, where its pricing decisions are increasingly shaping the strategies of competing depots and fuel marketers.
With competition intensifying and fresh, lower-cost fuel supplies expected to enter the market, industry observers believe motorists may soon witness another round of pump price reductions, provided marketers transfer the lower ex-depot costs to consumers.
Dangote rates lower than private depots nationwide
Legit.ng earlier reported that Dangote Petroleum Refinery is selling petrol at the lowest ex-depot price in Nigeria, with the latest market data showing its gantry price at N1,215.00 per litre, undercutting every private depot tracked across Lagos, Warri, and Calabar.
The figures, drawn from current depot pricing across the country’s key petroleum distribution hubs, confirm that no competing facility is offering premium motor spirit (PMS) at a comparable rate.
Petroluemprice.ng reports that in Lagos, several major private depots, including Aiteo, Ascon, Gulf Treasure, Nipco, Pinnacle, and Shema, are selling at N1,216.00 per litre.
Source: Legit.ng