Dangote Leads as Petrol Depots Fall Across Nigeria, New Rates Emerge
- Petrol and diesel depot prices fell across Lagos, Warri, Port Harcourt and Calabar as marketers stepped up competition
- Lagos recorded the sharpest cuts, with average petrol prices down ₦81.67 and diesel down ₦80 per litre
- Rising Brent crude prices may limit further fuel relief, despite Dangote Refinery’s influence on local prices
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s downstream petroleum market saw another wave of petrol and diesel price cuts last week as Dangote Refinery-backed marketers and depot operators intensified competition across major distribution hubs.
Between Monday, October 26, and Friday, October 30, 2026, wholesale petrol prices declined in Lagos, Warri, Port Harcourt and Calabar, raising hopes of cheaper fuel at filling stations.
Source: Getty Images
Lagos recorded the steepest reductions, with average petrol depot prices dropping by ₦81.67 per litre, while diesel prices fell by ₦80.
The development followed a ₦55 reduction by Dangote Refinery consortium marketers, bringing their petrol gantry price to ₦1,210 per litre on Friday, PetroleumPriceNG reports.
Lagos depots announce fresh petrol prices
Lagos emerged as the centre of the latest price competition, with major depot operators significantly reducing their offers.
African Terminal and Ardova slashed petrol prices from ₦1,340 to ₦1,260 per litre, representing reductions of ₦80 each.
Aiteo recorded the biggest cut, lowering its price by ₦85 from ₦1,340 to ₦1,255 per litre.
Consequently, the average petrol price across the three depots declined to ₦1,258.33 per litre.
Diesel prices also recorded substantial reductions.
Rain Oil and Wosbab lowered their prices by ₦95 to ₦1,805 per litre, while Integrated, African Terminal, Gulf Treasure and Duport reduced theirs by ₦90 to ₦1,810.
Ibeto cut its price by ₦50, while T. Time recorded a ₦40 reduction.
The average diesel price consequently dropped to ₦1,808.75 per litre.
Warri, Port Harcourt depots reduce prices
In Warri, Matrix reduced petrol prices from ₦1,352 to ₦1,300 per litre, while Parker lowered its rate from ₦1,350 to ₦1,300.
Prudent recorded the largest reduction of ₦55, bringing its price to ₦1,300 per litre.
Consequently, the average petrol price in Warri declined by ₦52.33 per litre.
Diesel prices also eased, with Matrix and Prudent reducing their rates to ₦1,840 and ₦1,850 respectively.
In Port Harcourt, Masters led the reductions, cutting petrol prices by ₦56 to ₦1,280 per litre.
Matrix, Bulk Strategic and Stock Gap also announced reductions, bringing the city's average depot price to ₦1,292.75 per litre.
Calabar marketers announce new fuel rates
Calabar recorded similar adjustments as Matrix reduced petrol prices by ₦42 to ₦1,298 per litre.
Soroman also lowered its rate by ₦40 to ₦1,300, leaving the average depot price at ₦1,299 per litre.
Source: Getty Images
Rising crude prices threaten further relief
Despite the widespread reductions, international crude oil prices could complicate expectations of sustained fuel price relief.
Brent crude climbed from $115.81 per barrel on Monday to $117.64 on Friday amid renewed concerns over the Iran conflict and potential Middle East supply disruptions.
The increase could raise replacement costs for petroleum marketers if sustained.
Meanwhile, Dangote Refinery's competitive pricing is expected to remain a major influence on domestic fuel prices.
Further reductions will depend on refinery pricing decisions, product availability, international crude prices and competition among depot operators.
Lagos depot owners cut fuel prices
Legit.ng earlier reported that Depot owners in Lagos have cut diesel prices below Dangote Petroleum Refinery’s new gantry rate of N1,840 per litre, less than 24 hours after the refinery announced a price increase.
The latest adjustments highlight intensifying competition among suppliers in Nigeria’s downstream petroleum market, with several depots offering Automotive Gas Oil (AGO), commonly known as diesel, at lower rates than the refinery.
Source: Legit.ng
