Depots Release New Petrol Prices As Dangote Refinery Announces N50 Reduction
- Depot owners across Nigeria cut petrol prices by up to N43 per litre following Dangote Refinery's latest N50 ex-depot price reduction
- Major marketers in Lagos, Warri, and Calabar lowered PMS prices to remain competitive
- The widespread price cuts signal intensifying competition in Nigeria's downstream petroleum market
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Oil marketers have slashed petrol prices across major depots in Nigeria following Dangote Petroleum Refinery's latest N50 per litre reduction in the ex-depot price of Premium Motor Spirit (PMS), intensifying competition in the downstream petroleum market.
The latest price adjustments come after Dangote Refinery reduced its gantry price to N1,075 per litre from N1,125, marking its fourth petrol price cut within one month.
Source: Getty Images
The company said the successive reductions reflect lower production costs and its commitment to ensuring Nigerians benefit from favourable market conditions while maintaining the long-term sustainability of domestic refining operations.
Lagos depots record sharp price reductions
Data obtained on Friday, July 3 showed that across Nigeria show that marketers in Lagos responded swiftly by reducing petrol prices to remain competitive with Dangote Refinery.
NIPCO lowered its PMS price by N40 per litre to N1,078 from N1,118, while Pinnacle cut its price by N43 to N1,078 from N1,121, recording one of the largest reductions.
Aiteo reduced its price by N39 to N1,076 per litre, the lowest among major Lagos depots, while Integrated dropped its price by N38 to N1,079, Petroleumprice.ng reports.
Despite cutting its ex-depot price to N1,075, Dangote's listed depot price stood at N1,079, reflecting a N4 increase from the previous quoted depot price.
Here is a snapshot of changes on Friday, July 3
Lagos depots
- African Terminal: from N1,115 to N1,079 (down N36)
- AIPEC: N1,079
- Aiteo: from N1,115 to N1,076 (down N39)
- Bono: from N1,115 to N1,079 (down N36)
- Dangote: from N1,075 to N1,079 (up N4)
- Heyden: N1,078
- Integrated: from N1,117 to N1,079 (down N38)
- Menj: No price available
- NIPCO: from N1,118 to N1,078 (down N40)
- Pinnacle: from N1,121 to N1,078 (down N43)
- Rain Oil: No price available
- Sahara: from N1,115 to N1,079 (down N36)
Calabar Depots
- Bulk Strategic: from N1,121 to N1,094 (down N27)
- Liquid Bulk: from N1,121 to N1,094 (down N27)
- Masters: from N1,121 to N1,091 (down N30)
- Matrix: from N1,127 to N1,095 (down N32)
- Sigmund: from N1,121 to N1,094 (down N27)
Source: Getty Images
Warri Depots
- A.Y.M Shafa: from N1,128 to N1,090 (down N38)
- Matrix: from N1,125 to N1,090 (down N35)
- Nepal: from N1,122 to N1,090 (down N32)
- Optima: from N1,121 to N1,090 (down N31)
Diesel price rises by 86.40% in May 2026
Earlier, Legit.ng reported that the National Bureau of Statistics (NBS) has revealed that the average retail price of Automotive Gas Oil (AGO), commonly known as diesel, increased by 86.40% year-on-year to N3,277.47 per litre in May 2026.
According to the latest diesel price watch report released by the statistics agency, the figure rose from N1,758.26 per litre recorded in May 2025.
The report also showed that diesel prices increased by 32.44% on a month-on-month basis, rising from N2,474.69 per litre in April 2026 to N3,277.47 per litre in May.
Source: Legit.ng
