Petrol Depot Prices Fall Nationwide as Dangote, Marketers Slash Rates Amid Rising Competition
- Petrol depot prices dropped across Lagos, Warri, Calabar and Port Harcourt as marketers reduced rates, with no supplier increasing prices
- Dangote Refinery and Pinnacle offered the lowest petrol price, while several other depots also announced fresh price cuts
- Experts say lower depot prices may not immediately translate into cheaper pump prices because of logistics and operating costs
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Petrol depot prices declined across major supply hubs on Tuesday, July 29, 2026, as oil marketers introduced fresh price reductions, highlighting the growing competition in Nigeria’s downstream petroleum sector.
A review of the latest mid-day depot pricing data showed that depots in Lagos, Warri, Calabar and Port Harcourt either cut their ex-depot prices or maintained existing rates.
Source: UGC
None of the monitored depots increased petrol prices during the period.
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Lagos records lowest petrol prices as Dangote lead market
In Lagos, Dangote Petroleum Refinery maintained its ex-depot petrol price at N1,216 per litre, the lowest among major suppliers. Pinnacle also reduced its price by N2 to match Dangote's rate at N1,216 per litre.
MRS lowered its price by N2 to N1,222 per litre, while Emadeb announced a steeper reduction of N7, bringing its price to N1,218 per litre.
Other key marketers, including Aiteo, Nipco, Ascon, Shema and T-Time, left their prices unchanged, with rates ranging between N1,218 and N1,220 per litre.
The latest pricing trend reflects the increasing rivalry among suppliers, driven largely by stronger domestic production from the Dangote Refinery alongside continued imports by marketers and independent operators.
Warri, Calabar and PH record fresh price cuts
Price reductions were also recorded across other major supply centres.
In Warri, several depots adjusted their rates downward. Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund all priced petrol at around N1,245 per litre.
Rain Oil posted one of the biggest reductions, slashing its price by N23 to N1,245 per litre, while Matrix cut its rate by N10 to the same level. TSL also reduced its price by N6, settling at N1,244 per litre.
Calabar recorded similar movements. Northwest reduced its depot price by N15 to N1,235 per litre, while Mainland lowered its rate by N10 to N1,240 per litre. Hong Petroleum also trimmed its price by N2 to N1,233 per litre, the lowest quoted in the city.
In Port Harcourt, Matrix reduced its petrol price by N3 to N1,243 per litre, while Optima matched that level after cutting N2 from its previous price. Rain Oil also implemented a N23 reduction, bringing its ex-depot price to N1,245 per litre.
Reasons for fuel price cuts
Industry experts attributed the widespread price cuts to improved fuel availability and intensifying competition among marketers seeking to attract bulk buyers.
They also noted that the narrowing gap between Lagos, where petrol sells for N1,216 per litre, and other major markets, where prices now hover around N1,245 per litre, points to a more balanced pricing structure across the country.
Source: Getty Images
Despite the reductions at depots, analysts cautioned that retail pump prices may not fall at the same pace, as transportation costs, distribution expenses and marketers' margins continue to influence the final prices motorists pay.
The latest adjustments suggest that stronger product availability and heightened competition are continuing to reshape pricing trends in Nigeria's downstream oil market.
Source: Legit.ng
