Depot Owners Keep Fuel Prices Steady, Dangote Refinery Lowers Petrol Prices Despite High Crude Costs
- Nigerian motorists benefit from steady PMS and AGO prices amid rising global crude oil markets
- Dangote Refinery plays a pivotal role in stabilising domestic fuel costs despite international price surges
- Market sentiment remains cautious, with potential price adjustments looming if the crude rally continues
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerian motorists received a welcome breather on Monday, April 13, 2026, as depot owners largely kept Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) prices steady despite a sharp rally in global crude oil markets.
While Brent crude climbed to $100.4 per barrel (up 5.45%) and West Texas Intermediate hit $101.6 (up 5.22%) by mid-afternoon, downstream operators adopted a wait-and-see approach, heavily influenced by pricing signals from the Dangote Refinery.
Source: UGC
According to mid-day reports from Petroleumprice.ng covering major hubs in Lagos, Port Harcourt, Warri, and Calabar, most marketers held last week’s levels.
This cautious stance reflects the refinery’s dominant role in domestic PMS supply and its decision not to pass on immediate cost increases to the market.
Lagos fuel market: petrol softens, diesel mixed
In Lagos, Africa’s busiest fuel hub, PMS saw marginal relief in select depots.
Dangote adjusted its ex-depot PMS price downward from ₦1,210 to ₦1,208 per litre, while AGO eased from ₦1,758 to ₦1,751 per litre. Rainoil trimmed PMS slightly to ₦1,212, and Ascon dropped to ₦1,210. A.A Rano held firm at ₦1,210.
Diesel (AGO) movements were mixed. Ibeto, Integrated, and Swift edged upward to ₦1,845 from ₦1,840, while Nipco remained unchanged at ₦1,850. Other players like Matrix and Sahara issued no fresh updates.
Port Harcourt: Limited but varied adjustments
Port Harcourt recorded modest shifts. Bulk Strategic raised PMS slightly to ₦1,225, while Sigmund lowered it to ₦1,218. AGO showed wider volatility: Bulk Strategic dropped to ₦1,920 from ₦1,938, but Sigmund hiked sharply to ₦2,000 from ₦1,950.
Calabar and Warri: Mostly stable
Calabar saw minor PMS increases at Jenny and Wabeco to ₦1,228, while the others remained unchanged.
In Warri, Matrix, Prudent, and Rainoil maintained PMS at ₦1,235. First Fortune held steady across products, though Nipco pushed AGO to ₦2,000 and Danmarna slashed it notably to ₦1,850.
Why the stability despite rising crude costs?
Industry players attribute the broad price discipline to Dangote Refinery’s influence.
As the country’s largest single supplier of petrol, the refinery has so far resisted an upward review, effectively anchoring the market and discouraging independent hikes by private depot operators.
Marketers remain reluctant to raise prices ahead of any move by Dangote, fearing they could be undercut.
Market sentiment, however, stays guarded. Sources close to the refinery say it continues to monitor global crude trends closely. Should the current rally persist, a delayed but inevitable adjustment may follow.
For now, the downstream sector remains in a delicate balance, stable yet fragile, offering Nigerian consumers temporary relief from the pain of soaring international oil prices.
Source: UGC
This restraint highlights Dangote’s growing power to shape domestic fuel costs even as global headwinds intensify.
The coming days will test whether this price discipline holds or gives way to the unrelenting pressure from above $100-per-barrel crude.
Petrol prices surge in Nigeria’s border towns
Legit.ng earlier reported that, as of early April 2026, a quiet crisis unfolded across Nigeria’s border communities.
While the rest of the country breathed a sigh of relief at relatively stable pump prices, residents in remote frontier towns were staring at shocking figures: petrol sold for between N1,300 and N1,400 per litre.
Marketers released fresh fuel price lists, and the worst-hit areas paid the heaviest toll.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
