Petrol Price Crashes Nationwide As Depots Match Dangote Refinery’s New Rate
- Dangote Petroleum Refinery cut its petrol gantry price to N1,165 per litre and diesel to N1,570 per litre on August 5
- Private depots in Lagos, Warri, Port Harcourt and Calabar followed with price reductions of their own during the week
- Diesel prices recorded steeper drops than petrol at several Lagos depots, with some cuts reaching N100 per litre
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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.
Petrol and diesel prices at fuel depots across Nigeria dropped during the week ending August 7, 2026, after the Dangote Petroleum Refinery reduced its ex-depot prices, prompting similar cuts from private marketers in four major coastal cities.
The Dangote refinery moved first on August 5, bringing its petrol gantry price down to N1,165 per litre from N1,215, and its diesel price to N1,570 per litre from N1,650.
Source: Getty Images
Private depot operators in Lagos, Warri, Port Harcourt and Calabar then revised their own prices downward over the course of the week, Petroluemprice.ng reports
Lagos Depots Lead the Cuts
Petrol prices in Lagos
- MRS Tincan: N1,172, down from N1,222 — N50 reduction
- Pinnacle: N1,165.70, down from N1,215 — N49.30 reduction
- Aiteo: N1,168, down from N1,217 — N49 reduction
- Nipco: N1,168, down from N1,218 — N50 reduction
- Integrated: N1,169, down from N1,218 — N49 reduction
- African Terminal: N1,169, down from N1,218 — N49 reduction
Diesel prices in Lagos
- African Terminal: N1,550, down by N100
- Integrated: N1,550, down by N100
- Duport: N1,550, down by N100
- Ibachem: N1,550, down by N100
- Gulf Treasure: N1,550, down by N100
- Ibeto: N1,550, down by N80
- T.Time: N1,560, down by N70
- Wosbab: N1,555
- TMDK: N1,555
- Menj: N1,575, down by N45
Other Cities Follow Suit
The trend extended beyond Lagos. In Warri, Matrix and A.Y.M Shafa cut petrol prices by N38 and N40 respectively, both landing at N1,187 per litre.
Their diesel prices each fell by N88 to N1,587, while Nipco in Warri brought diesel down to N1,591 from N1,650.
Port Harcourt depots also adjusted. Matrix cut petrol by N28 to N1,197, Sigmund reduced by N45 to N1,180, and Liquid Bulk dropped by N23 to N1,197. On diesel, Matrix fell by N88 to N1,587 and Sigmund cut by N70 to N1,605.
Source: Getty Images
In Calabar, Mainland, Soroman, and Sobaz, petrol prices were reduced to N1,180 per litre, with cuts ranging from N38 to N40. Fynefield reduced its diesel price by N55 to N1,595.
The broad-based nature of the reductions points to a softer pricing environment in the downstream sector, with marketers adjusting their offers as they reassess inventory costs and replacement prices in light of the Dangote refinery's move.
NNPC announces new petrol price
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited has cut petrol prices at its retail outlets in Lagos and Abuja for the second time in five days, as competition in Nigeria’s downstream petroleum market and falling global crude oil prices continue to push pump prices lower.
NNPC Limited reduced its Lagos pump price by N10 per litre, from N1,265 to N1,255, with the reduction taking effect on Friday, August 7, 2026.
A check by Legit.ng also found that NNPC trimmed its Abuja price by N36 per litre from N1,335 to N1,299.
Source: Legit.ng
