Marketers Undercut Dangote as Petrol Prices Drop Below Refinery’s Rate in Lagos, Ogun, South-East
- Petrol stations have cut their pump prices below N900 per litre, several days after Dangote Refinery lowered its ex-depot prices by N40
- Findings showed that many filling stations in Lagos and Ogun sell PMS at lower prices, cheaper than Dangote’s rate
- Also, depot owners have taken the price war to Dangote’s doorstep, undercutting its gantry price
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Several filling stations have cut petrol prices below N900 per litre, days after Dangote Refinery slashed its ex-depot price by N40.
Many filling stations in Lagos and Ogun states now sell petrol at N875 and N890 per litre.
Source: Getty Images
Mixed prices at pumps: Which is cheaper?
However, some petrol stations still sold the product above N900 per litre as of Sunday, July 6, 2025.
MRS Oil dropped its petrol pump price to N885 per litre in Lagos last week.
In the South-West, petrol prices would be N895 per litre, N905 in the North-West and North-Central, and N915 in the South-South, South-East and North-East.
A prior report by Legit.ng showed that Dangote reduced its gantry price from N880 to N840 per litre on Monday, June 30, 2025.
Shortly after the price slash, the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced a nationwide price cut in line with Dangote’s price reduction.
Dangote slashed prices to align with global benchmarks
However, the mega refinery raised petrol prices to N880 from N825 per litre during the Middle East tension between Israel and Iran, which resulted in a 12-day war.
The conflict sparked a crude oil price increase, with global benchmarks hitting almost $80 per barrel.
Punch reports that despite Dangote’s price slash, some marketers refused to lower their prices, retailing PMS at about N925 to N960 per litre.
Punch reports that throughout last week, some Dangote partner stations, the Nigerian National Petroleum Company Limited (NNPC) retail outlets sold petrol at higher prices.
Depot prices, pump prices by region
Findings showed that as of Sunday, July 6, 2025, depot owners have reduced their prices below Dangote’s rate.
According to reports, several depots adjusted their prices from N920 per litre to N840.
Data from Petroleumpriceng shows that in Lagos, Rainoil, Matrix, Pinnacle, Swift, and Wosbab sold petrol at N840, while Aiteo sold at N837, and First Royal and Menj sold PMS at N838 per litre.
NIPCO and Satellite sold the product at N844, and Integrated Energy sold it at N839.
The report disclosed that on the Lagos-Ibadan Expressway, PMS prices ranged from N875 to N910 per litre as of Sunday, July 6, 2025.
As-Sallam sold its PMS at N875, AP at N880, and RainOil at N910, while SGR and NIPCO sold their products at N880 and N900, respectively.
Read also
NNPC filling station crash petrol price below N900/litre after Dangote partners reduce cost
PETROAN speaks on petrol price adjustment
According to reports, the national president of the Petroleum Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said that marketers can only adjust prices once old stock is sold to avoid incurring heavy losses.
The PETROAN boss said prices did not go down last week because some traders were still selling old stocks.
He expressed optimism that consumers would eventually benefit from the price reduction as more stations sell off their old stock.
He emphasised the need for stability in the downstream sector and urged NNPC to ensure adequate product supply.
Meanwhile, experts have said that Nigerians should brace for lower petrol prices as crude oil fell below $70 per barrel last week in anticipation of increased output by OPEC+ members.
Source: UGC
Brent crude sold at about $68 per barrel, with WTI selling at $66 per barrel as of Sunday, July 6, 2025.
Diesel price hits N1,750 in six Nigerian states
Legit.ng previously reported that the average price of diesel in Nigeria continued to climb in May 2025, hitting N1,758.26 per litre, according to the latest data from the National Bureau of Statistics.
The new rate is a 25.24% yearly spike relative to N1,403.96 per litre recorded in the same period last year.
Monthly, prices climbed by 2.08%, from N1.22.45 in April 2025, showing persistent pressures in the market.
This article has been updated by the head of business desk, Victor Enengedi, with additional information.
Source: Legit.ng
