Depots Cut Petrol Prices as Dangote Refinery Resumes Naira Sales, New Fuel Rates Emerge
- Dangote Refinery resumes naira sales, prompting petrol depot price reductions across Nigeria
- Despite rising global crude oil prices, local petrol prices see a slight decline
- Independent marketers advocate for government intervention amid rising inflation and fuel costs
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol depot owners have begun reducing the prices of Premium Motor Spirit (PMS) following Dangote Refinery's decision to resume the sale of petroleum products in naira, offering a measure of relief to marketers, motorists and consumers across Nigeria.
The latest price adjustment comes despite the continued surge in global crude oil prices, which had recently pushed domestic petrol prices to fresh highs.
Source: Getty Images
Crude oil prices remain elevated
Global oil prices have remained strong in recent weeks due to supply concerns and geopolitical developments.
Data from Oilprice.com shows that crude oil prices briefly approached the $100-per-barrel mark before easing slightly.
As of Friday, July 24, 2026, Brent crude traded at $98.81 per barrel, West Texas Intermediate (WTI) at $90.78 per barrel, and Murban crude at $105 per barrel.
The rally in crude prices had triggered an increase in the cost of imported petroleum products, with depot prices climbing to about N1,280 per litre and pump prices in some locations reaching as high as N1,400 per litre.
Dangote resumes naira sales
Earlier this week, Dangote Refinery announced a return to selling petroleum products in naira after briefly adopting a different pricing arrangement that many industry stakeholders blamed for the sharp increase in fuel prices.
The refinery's latest pricing places its ex-depot petrol price at N1,215 per litre, a move that appears to have influenced other depot operators to adjust their rates downward.
Industry observers believe the decision has helped moderate market prices, even as international crude prices remain elevated.
Depots slash PMS prices
Fresh market data compiled by PetroleumPriceNG and monitored by Legit.ng shows that several depots have reduced their petrol prices by about N50 per litre.
According to the data:
- A.A. Rano now sells PMS at N1,220 per litre.
- AITEO has adjusted its price to N1,228 per litre.
- Mainland is selling at N1,224 per litre.
- Sobaz has reduced its price to N1,245 per litre.
The reductions reflect growing competition among depot operators following Dangote Refinery's latest pricing adjustment.
Marketers welcome relief
The Independent Petroleum Marketers Association of Nigeria (IPMAN) had earlier urged the Federal Government to intervene over rising petrol prices, warning that continued increases would place additional pressure on businesses and households already struggling with high inflation.
Source: UGC
Energy analysts say the latest reduction in depot prices is a positive development that could eventually translate into lower retail pump prices if marketers pass on the savings to consumers.
Although petrol prices remain significantly higher than levels seen earlier in the year, the latest adjustments have raised hopes that increased competition among suppliers and a more stable pricing structure could help ease the burden on Nigerians facing rising transportation and living costs.
Petrol prices jump by ₦200 per litre
Legit.ng earlier reported that Nigeria’s downstream petroleum market has witnessed its steepest weekly price increase in months, with petrol loading prices at private depots surging by ₦200 per litre following Dangote Petroleum Refinery’s transition from naira-based sales to a dollar-denominated pricing model.
Checks by Petroleumprice.ng showed that petrol, which sold for an average of ₦1,075 per litre across major Lagos depots on July 13, is now loading at approximately ₦1,275 per litre.
The sharp rise represents an 18.6 per cent increase within just seven days.
Source: Legit.ng
