Relief for Nigerians as Depots, NNPC Slash Petrol Prices after Dangote's Big Announcement
- Private depot owners have slashed petrol prices nationwide after a surge in supply, following Dangote Refinery’s promise of 50 million litres daily
- The move by Dangote has triggered intense competition across major coastal hubs, with depots reducing petrol prices to stay competitive
- On the retail end, NNPC filling stations have also reduced pump prices, a trend similarly observed at MRS and Ardova outlets
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.
Private depot owners are offering lower prices to marketers to attract sales as Dangote refinery increases petrol production to 50 million litres daily and more oil cargoes arrive in Nigeria.
The latest adjustment has caused petrol pump prices to drop at filling stations nationwide, including the Nigerian National Petroleum Corporation (NNPC) retail outlets.
Source: Getty Images
Petrol price drops at filling stations
In Lagos, several depots revised prices immediately after fresh PMS cargoes hit the market. Vessels such as the ST Nenne, Sea Raptor, and Puffin Pacific arrived at the port, boosting stock levels.
To stay competitive with Dangote refinery's new ex-depot price of N839, major Lagos depots such as Wosbab, Chipet, Integrated, and Bovas are now selling at N836 per litre, while Aiteo’s rate stands slightly lower at N835 per litre.
Industry data from Petroluemprice shows that the downward trend is not limited to Lagos.
In Port Harcourt, key depots have updated their wholesale petrol rates, with Masters, Liquid Bulk, and Bulk Strategic all now selling at N₦853 per litre.
In Warri, fresh supplies from vessels including African Coral and Errina have triggered widespread reductions, with Danmarna and Optima selling at N848 per litre, Prudent at N847 per litre, and Nepal and Matrix at N846 per litre.
In Calabar, stable inflows have maintained competitive pricing, with Matrix at N848 per litre, Soroman at N846 per litre, and Alkanes at N849 per litre.
Source: Getty Images
NNPC’s new fuel price
NNPC has adjusted its pump prices, now selling petrol at N905 per litre in Lagos and N930 per litre in Abuja, down from the previous rates of N910 and N940, respectively, while Ardova, MRS, and other private stations continue to sell below N900 per litre.
More adjustments are likely as supply remains strong, as Dangote refinery announces plan to supply 50 million litres daily in Nigeria.
In a statement on X, the refinery said:
"We are writing to confirm our commitment to supply Nigerian domestic PMS requirements. Dangote refinery is ready and able to supply 1.5 bln litres of PMS per month (50mln litres/day) in December and January followed by 1.7 bln litres per month (57mln litres/day) from February 2026 onwards.
Diesel prices crash
Earlier, Legit.ng reported that Diesel prices at Nigerian depots are edging closer to N900 per litre as supply increases, demand weakens, and private depot owners compete closely with the Dangote Refinery.
From a peak of over N1,100 in March 2025, diesel now trades between N911 and N950 across key locations.
Market watchers expect further declines, citing continued oversupply from incoming diesel shipments and the ramp-up in production at the Dangote Refinery.
Source: Legit.ng
