Petrol Prices Drop to ₦840/L at Depots, Filling Stations Maintain Old Rates

• Petrol stations nationwide have yet to adjust their pump prices despite the price crash by the Dangote Refinery from N880 to N840 per litre
• Investigations showed that several filling stations still sell petrol at the old rates of N915 and N935 per litre before Dangote’s price cuts
• Marketers disclosed that they are selling old stocks, which they bought at N900 per litre and would incur losses if they adjust in a hurry

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Despite the crash in ex-depot price by the Dangote Refinery on Monday, June 30, 2025, several marketers have refused to adjust their pump prices as they were seen still selling at the old rates.

The marketers reportedly said that slashing their pump prices would affect their profit margins unless they exhaust their oil stocks, which they purchased at about N900 per litre.

Dangote’s petrol price slash yet to reflect

Dangote Refinery slashed its ex-depot prices for petrol from N880 to N840 per litre, stating that the reduction became effective on June 30, 2025.

A prior report by Legit.ng disclosed that marketers and traditional depot operators remained cautious on Sunday, June 29, 2025, as they anticipated new petrol prices from the Dangote Refinery.

However, as Dangote slashed its petrol price by N40 per litre, Nigerians are yet to see it reflect at the Pumps.

New petrol price: What’s up, MRS, others?

Findings by Legit.ng showed that Dangote Refinery partner stations, such as MRS, Heyden, AP, and others, still sell petrol at N920 and N935 per litre, depending on the locations.

Also, filling stations owned by the Nigerian National Petroleum Company Limited (NNPC) have yet to adjust their pump prices, selling petrol at N915 in Lagos and N925 per litre in Ogun State.

Energy experts had projected that petrol prices should be around N890 or less following Dangote’s price slash.

Marketers explain the reason for the old prices

Punch quotes the national president of the Petroleum Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, as saying that prices have yet to come down because traders are still selling old stocks.

He said independent marketers will incur a loss of N80 per litre if they hurriedly adjust prices to fit into the current market reality.

The PETROAN boss said that there may not be an immediate downward price adjustment at the pumps until old stocks are exhausted.

“We need to exhaust existing stocks. All existing stocks must be sold out first. That is the right business thing to do because if a retail outlet owner loses N100 per litre, and he has to go back to the market to restock, he won’t be able to restock,” he stated.

Depot owners match Dangote’s rate

Meanwhile, petrol prices have taken a new twist in Nigeria’s downstream petroleum sector as private depot owners have slashed their petrol ex-depot prices to N840 per litre to match the rate of Dangote Refinery.

The price cut has sparked a fresh wave of competition in the market, reshaping the supply mix and stoking fears of a price war.

Price war: Is Dangote trying to capture the market?

However, experts see it as a strategic move to expand market control and pressure depot operators into lowering their costs.

According to reports, within hours of Dangote’s price slash, about five major depot owners in Lagos, Warri, and Calabar matched the refinery’s N840 per litre rate to avoid customer loss.

Current depot prices

Petroleumpriceng reported that as of July 1, 2025, several key private depots have aligned to undercut Dangote Refinery’s price in a move to retain essential customers and station operators.

• Menj (Lagos): ₦840/L
• First Royal (Lagos): ₦840/L
• Mao (Lagos): ₦840/L
• Emadeb (Lagos): ₦840/L

The new figures by depot operators show the urgency among owners to remain competitive, especially in coastal areas where distribution and truckload volumes are high.

Full list of NNPC's new petrol prices

Legit.ng earlier reported retail outlets under the NNPC raised their pump prices to N945 per litre in Abuja, effective Monday, June 23, 2024.

They also adjusted their petrol prices to N915 per litre in Lagos, marking a new upward price review.

The state oil firm’s price review follows a similar increase by Africa’s largest Dangote Refinery, on Friday, June 20, 2025.

Source: Legit.ng