Dangote Reduces Petrol Price by N50 as Filling Stations Confirm Rates
- Dangote Refinery cut its ex-depot petrol price from N1,215 to N1,165 per litre, effective August 6, 2026
- Most filling stations in Lagos continued to sell petrol at between N1,240 and N1,260 per litre after the reduction
- Motorists have called on the NMDPRA and FCCPC to step in and compel fuel marketers to lower pump prices
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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.
Fuel marketers across Lagos have yet to pass on the N50 per litre reduction announced by Dangote Petroleum Refinery and Petrochemicals, leaving motorists to continue paying the same pump prices that existed before the cut took effect.
The Dangote Refinery lowered its ex-depot price for Premium Motor Spirit from N1,215 to N1,165 per litre, with the new pricing taking effect on Thursday, August 6, 2026.
Source: Getty Images
Diesel prices also fell, dropping N80 per litre from N1,650 to N1,570.
The refinery said the reductions were driven by improved operational efficiency and a commitment to passing cost savings to consumers whenever market conditions allow.
The company said in a statement:
"As Africa's largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria's energy security, reducing reliance on imports and supporting national economic development through the supply of world-class petroleum products."
Filling Stations Hold Prices Steady
Checks at filling stations in Lagos on Thursday showed petrol still being sold at between N1,240 and N1,260 per litre, meaning consumers saw no benefit from the lower refinery gate price. Even MRS, one of the refinery's major offtakers and strategic partners, had not adjusted its pump price by that date.
The pattern has drawn frustration from road users, who say marketers are quick to raise pump prices when depot costs go up but slow to bring them down when they fall.
Jude Opara, a tricycle operator at Ogba Bus Stop in Lagos, acknowledged that filling stations could not sell at the ex-depot rate given their operating costs and margins. He said consumers were, however, expecting some adjustment at the pump.
He said:
"We know filling stations cannot sell at N1,165 because that is the gantry price. They have to add their margins, but we expected pump prices to drop to around N1,200 per litre. Instead, they have all maintained the old prices."
Calls for Regulatory Action
Bolt driver Shile Giwa went further, calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) to intervene.
The Sun reports he accused marketers of exploiting consumers by refusing to reflect the lower cost of supply in their retail prices.
The N50 reduction at the refinery gate could translate into meaningful relief for motorists, transport operators, and businesses that depend on petrol-powered vehicles and generators, provided marketers adjust their pump prices.
Source: Getty Images
How much of the saving reaches consumers will depend on margins, transportation costs, and other logistics expenses that vary across retailers.
For now, motorists across Lagos continue to pay up to N1,260 per litre, nearly N100 above the new Dangote ex-depot price, keeping pressure on regulators to respond.
Dangote supply helps crash petrol import
Earlier, Legit.ng reported that the National Bureau of Statistics (NBS) has revealed that Nigeria's import bill for petrol decreased significantly by N87.401 billion in the first quarter of 2026.
Data obtained from the bureau's report titled "Foreign Trade Statistics Q1 2026" showed that the total value for petrol imports fell from N2.271 trillion to N87.401 billion, showing a 96.2 per cent decrease when compared to the similar period in 2025.
According to the data released, fuel did not feature among the top 19 traded products
Source: Legit.ng
