Dangote Refinery May Cut Fuel Prices Again as Lagos Depots Offer Lower Rates
By Aboki Forex —
Dangote Petroleum Refinery may be forced to reduce its petrol and diesel loading prices once more. Several fuel depots in Lagos are now selling products at rates slightly below the refinery’s ex-depot prices.
Market data from Petroleumprice.ng on June 1, 2026, shows depot operators have aggressively cut prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO). They are trying to attract buyers and hold on to market share.
Dangote Refinery recently set its PMS loading price at N1,253 per litre. Diesel stayed at N1,701 per litre. But private depots have moved ahead with lower petrol prices.
Aiteo, African Terminal, Integrated Energy, Aipec, and Ardova now sell PMS at N1,251 per litre. Bono, Quest, and Ascon offer N1,252. Techno Oil sells at N1,254 per litre.
Competition is also heating up in the diesel segment. Ibeto and Aipec adjusted AGO prices to N1,703 per litre. Swift quoted N1,704. African Terminal, Duport, Nipco, and Menj all set diesel at N1,705 per litre.
A source at Dangote Refinery said the company may consider another price cut if rival depots keep their lower rates. “Depot prices are now slightly below ours. If anything, we might go down if those depot prices remain lower,” the source said.
The refinery is closely watching market trends and could respond quickly.
The price war is driven by increased product availability and a resurgence of imported fuel supplies. Recent import allocations have given marketers more sourcing options, creating stronger competition between imported and locally refined fuel.
Meanwhile, Dangote Refinery plans to expand the number of crude grades it can process from about 40 to 130. The expansion aims to double capacity to 1.4 million barrels per day, lower operating costs, and strengthen export partnerships.