Dangote’s New Petrol Price Puts Pressure on Fuel Depots
- New MEMAN's Energy Bulletin showed Dangote Refinery's petrol gantry price stood at N1,165 per litre
- Nigeria's estimated spot import parity price for petrol climbed to N1,212.45 per litre, creating a gap of about N47 above Dangote's price
- Depot prices across Lagos, Warri, Calabar and Port Harcourt varied widely, with some markets recording prices well above Dangote's gantry rate
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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.
Dangote Petroleum Refinery held its petrol gantry price at N1,165 per litre on August 18, 2026, even as Nigeria's estimated spot import parity price for Premium Motor Spirit climbed above that level, data published by the Major Energies Marketers Association of Nigeria (MEMAN) showed.
The MEMAN Energy Bulletin for August 18 put the estimated spot import parity price at N1,212.45 per litre and N1,211.44 per litre.
Source: Getty Images
This placed Dangote's gantry price roughly N46 to N47 per litre below what it would cost to bring petrol into tank at the Apapa jetty.
The seven-day average import parity price was N1,199.90 per litre, while the 30-day average came in at N1,171.61 per litre.
Dangote's N1,165 price sat N34.90 below the seven-day average and N6.61 below the 30-day average.
Depot Prices Across Key Markets
Depot prices in major trading locations showed a varied picture. In Lagos, petrol sold between N1,185.50 and N1,200 per litre on the same date.
Warri recorded a broader range of N1,155 to N1,220 per litre, while Calabar prices fell between N1,217 and N1,300 per litre.
Port Harcourt posted the highest depot prices in the data, ranging from N1,305 to N1,385 per litre.
The figures show that many depot prices remained above Dangote's refinery-gate price, with the margin depending on the location and the supplier.
Diesel Price Gap Also Widens
The August 18 data covered Automotive Gas Oil as well. Dangote's diesel price stood at N1,570 per litre, against an estimated spot import parity cost of N1,709.60 per litre, leaving a differential of N139.60 per litre in favour of the local refinery.
MEMAN noted that its import parity estimates represent replacement costs based on stated market assumptions and do not reflect the actual landed cost of every petroleum cargo imported into Nigeria.
Actual prices paid by marketers can differ based on logistics, financing, storage, product availability and individual supplier arrangements.
Marketers increase petrol prices after Trump’s announcement
Earlier, Legit.ng reported that Nigerian petrol marketers have started raising pump prices at depots across Lagos, Warri, and Calabar following US President Donald Trump's declaration that the Strait of Hormuz is now a "NEW U.S. Territory."
Trump announced on Tuesday, August 18, via Truth Social, the social media platform he owns, sharing a map graphic with a blue-highlighted stretch of water between the Persian Gulf and the Gulf of Oman, clearly labelled as new American territory.
The official White House account on X amplified the post shortly after.
Source: Legit.ng
