Dangote Refinery Cuts Petrol Price After Hike as Depots Reduce Rates Nationwide
- Dangote Refinery has reduced petrol prices, easing concerns after a recent hike that sent pump rates skyrocketing
- Market competition drives several depot operators to lower petrol prices, reversing their initial hikes
- Nigerian motorists face ongoing uncertainty amid volatile global oil conditions
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerian motorists have received a fresh dose of relief after Dangote Refinery and several petroleum product depot operators reduced their petrol prices, barely 24 hours after a new price increase triggered concerns about another round of rising pump costs.
The Dangote Refinery had initially raised the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,150 to about N1,181 per litre.
Source: UGC
The increase came amid renewed volatility in the global oil market, with crude prices climbing towards $90 per barrel as geopolitical tensions surrounding the strategically important Strait of Hormuz intensified.
However, the refinery has now adjusted its pricing, offering some relief to oil marketers and consumers.
Dangote Refinery adjusts new petrol price
Checks show that the refinery's latest price adjustment has brought its petrol price down from the higher level previously announced, although the current rate remains above the N1,150 per litre price announced last week.
The reversal is significant for motorists already struggling with high transportation, food and household expenses linked to elevated energy costs.
While the reduction may appear modest, market watchers say any downward movement in the price of petrol could provide some breathing space for consumers, particularly if marketers pass the savings through to filling stations.
The latest development also highlights the highly sensitive nature of Nigeria's petrol market, where domestic pump prices can respond quickly to movements in crude oil prices, exchange rates and supply conditions.
Depots also slash petrol prices
Dangote Refinery is not alone in adjusting its prices.
Data from PetroleumPriceNG indicates that several depot operators have also reduced their petrol prices from recent highs, with many now offering products within the N1,170 to N1,185 per litre range.
Pinnacle, for instance, is reportedly selling petrol at about N1,170 per litre, while Integrated is offering the product at approximately N1,185 per litre.
The adjustments appear to reflect increasing competition among suppliers, particularly as major refiners and independent depot operators compete for market share.
However, not all depots have followed the downward trend. Some private operators continue to sell petrol above N1,200 per litre, with market participants suggesting that some businesses are maintaining higher prices to protect themselves against possible replacement costs and further market volatility.
Petrol market remains highly volatile
Despite the latest reductions, Nigerians are still facing an unpredictable petrol market.
Source: Getty Images
Industry watchers expect international oil prices to remain sensitive to developments around the Strait of Hormuz and broader geopolitical tensions. Any sustained disruption to global crude supply could put fresh pressure on crude prices and, by extension, domestic petroleum costs.
For Nigerian motorists, the latest price cuts offer temporary relief, but the wider market remains uncertain.
With petrol prices continuing to respond to global crude movements and local market conditions, consumers may have to brace for further changes as refiners and depot operators adjust their prices to reflect developments in the international energy market.
Marketers release new petrol prices
Legit.ng earlier reported that petrol depot prices rose across Nigeria's key petroleum hubs on Tuesday, August 11, 2026, as global crude oil prices pushed towards $90 per barrel, adding fresh cost pressure to the downstream fuel market.
Data from multiple depots obtained by Petroleumprice.ng showed widespread price increases in Lagos, Port Harcourt, Calabar and Warri.
Parker in Warri recorded the highest single jump among listed marketers, raising its Premium Motor Spirit (PMS) price by N48 per litre to N1,230 from N1,182.
Source: Legit.ng
