Private Depots Slash Petrol Prices After Dangote Refinery Cut, Competition Heats Up
By Aboki Forex —
Private depot operators have lowered petrol prices following Dangote Refinery's latest price reduction. The move has sparked fresh competition in Nigeria's downstream oil sector.
On Monday, June 1, 2026, several depots cut prices by between N1 and N22 per litre, depending on location and volume. Data from Petroleumprice.ng shows that many depots are now selling petrol at rates close to or even below Dangote's benchmark price.
Price Cuts Across Key Depots
Dangote Petroleum Refinery reduced its ex-depot price to N1,250 per litre from N1,275 over the weekend, before a slight uptick to N1,253 on Monday. The reduction was driven by lower global crude prices and the need to stay competitive.
Other depots followed quickly:
African Terminal cut N22 from N1,274 to N1,252. Aiteo cut N21 from N1,272 to N1,251. NIPCO Plc reduced N20 from N1,272 to N1,252. Pinnacle Oil cut N20 from N1,276 to N1,256. Liquid Bulk Petroleum reduced N11 from N1,296 to N1,285. Ascon Oil, Bonny Oil, and Integrated Oil and Gas each cut N22 from N1,274 to N1,252. Ardova Plc cut N1 from N1,252 to N1,251.
Other operators like A.A. Rano, MRS Oil, Quest Petroleum, Techno Oil, and AIPEC now quote prices mostly between N1,252 and N1,254 per litre.
Competition Intensifies in Deregulated Market
Analysts say the price adjustments signal growing competition between Dangote Refinery and private depot owners. Pricing at depots is now highly sensitive to refinery actions, global crude price movements, and demand from fuel marketers.
However, experts caution that retail pump prices may not drop significantly. Marketers remain cautious to avoid losses from earlier purchases made at higher rates.
Earlier reports confirmed that some NNPC retail outlets in Lagos have also adjusted. At Egbeda bus stop, NNPC pumps are set at N1,300 per litre. In Ipaja, the price is N1,315 per litre. These are below the official N1,320 price.
The downstream sector continues to show signs of a more competitive and price-sensitive market, giving marketers and consumers more choices.