Relief as Depot Owners Slash Petrol And Diesel Prices Below Dangote’s Rate
- Nigeria's petroleum depots have implemented price cuts, relieving marketers and consumers amid Dangote Refinery’s market influence
- Petrol prices dipped to ₦1,270 per litre at Lagos depots, slightly below Dangote's benchmark of ₦1,275
- Diesel prices followed suit, with Automotive Gas Oil falling to ₦1,620 per litre, against Dangote's ₦1,750 benchmark
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
A fresh wave of price cuts across Nigeria’s petroleum depots is offering a measure of relief to marketers and consumers, as traders move swiftly to reduce rates amid fears of an imminent adjustment by the Dangote Refinery.
The sudden price shift, most pronounced in Lagos, reflects growing unease among depot owners, who are determined to avoid losses in an increasingly volatile market.
Source: Getty Images
With expectations mounting that Dangote could lower its gantry prices, many traders are opting to sell off existing stock quickly rather than risk carrying higher-priced inventory.
Petrol prices fall below Dangote's benchmark
Data from Petroleumprice.ng indicates that Premium Motor Spirit (PMS), commonly known as petrol, has dropped to about ₦1,270 per litre at several Lagos depots, including Bovas, A.A. Rano, and Sahara.
This places depot prices slightly below Dangote Refinery’s current ex-depot rate of ₦1,275 per litre, highlighting the urgency driving these adjustments.
The trend is not limited to Lagos. In Calabar, depots such as Alkanes and Soroman have also aligned with the ₦1,270 benchmark, suggesting that the price cuts are spreading nationwide as traders respond to the same market signals.
Diesel market also sees a sharp decline
Diesel prices are also following a downward trajectory. Automotive Gas Oil (AGO) now sells for around ₦1,620 per litre at major Lagos depots like Ibeto, Integrated, and African Terminal.
TMDK is marginally higher at ₦1,630, while Ibachem maintains ₦1,620. These figures represent a significant drop compared to Dangote’s diesel benchmark of ₦1,750 per litre.
Market speculation is driving price movements
Industry insiders attribute the aggressive price reductions largely to speculation rather than any confirmed announcement from Dangote Refinery.
Still, the refinery’s growing influence means that even unconfirmed expectations can trigger swift reactions across the downstream sector.
For depot owners and bulk traders, the stakes are particularly high. Operating with large volumes, even a small price adjustment can translate into substantial financial losses.
As a result, many are choosing caution, offloading products at reduced rates to preserve liquidity and minimise risk.
Dangote Refinery’s growing market influence
This development underscores the increasing role of Dangote Refinery as a price-setter in Nigeria’s fuel market.
Its capacity and market presence have made it a central force in determining pricing trends, with competitors closely watching and reacting to any perceived movement.
What it means for consumers
For consumers, the price cuts may signal potential relief in the short term, especially if reductions at the depot level eventually filter down to retail pump prices.
However, the situation remains fluid, and much will depend on Dangote Refinery’s next move.
For now, the market is in a wait-and-see mode. Traders, marketers, and consumers alike are closely monitoring developments, aware that any official price adjustment could further reshape Nigeria’s fuel pricing landscape and intensify competition across the supply chain.
Source: UGC
Depot owners suspend sales
Legit.ng earlier reported that the Dangote Petroleum Refinery restored the ex-depot price of Premium Motor Spirit (petrol) to N1,175 per litre, prompting depot operators in several locations to temporarily halt product sales.
According to a report by Petroleumprice.ng, the adjustment followed an earlier price reduction introduced by the refinery earlier in the week.
On March 10, 2026, the refinery lowered the ex-depot price of petrol by N100, bringing it down to N1,075 per litre from N1,175 per litre.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
