Petrol Price War: Marketers Slash PMS Costs by Up to N43 as Dangote Refinery Cuts Again
By Aboki Forex —
Oil marketers across major depots in Nigeria have slashed petrol prices by up to N43 per litre following Dangote Petroleum Refinery's latest N50 reduction in the ex-depot price of Premium Motor Spirit (PMS). The cuts, recorded in Lagos, Warri, and Calabar, signal intensifying competition in the downstream petroleum market.
Dangote Refinery reduced its gantry price to N1,075 per litre from N1,125, marking its fourth petrol price cut within one month. The company said the successive reductions reflect lower production costs and its commitment to ensuring Nigerians benefit from favourable market conditions while maintaining the long-term sustainability of domestic refining operations.
How Lagos Depots Responded
Data obtained on Friday showed that marketers in Lagos reacted swiftly. NIPCO lowered its PMS price by N40 per litre to N1,078 from N1,118. Pinnacle cut its price by N43 to N1,078 from N1,121, recording one of the largest reductions.
Aiteo reduced its price by N39 to N1,076 per litre, the lowest among major Lagos depots. Integrated dropped its price by N38 to N1,079. African Terminal, Bono, and Sahara each reduced their PMS prices by N36 per litre to N1,079. AIPEC and Heyden priced petrol at N1,079 and N1,078 per litre, respectively.
Despite cutting its ex-depot price to N1,075, Dangote's listed depot price stood at N1,079, reflecting a N4 increase from the previous quoted depot price.
Calabar and Warri Depots Join the Cuts
In Calabar, Bulk Strategic dropped from N1,121 to N1,094, a N27 reduction. Liquid Bulk also dropped by N27 to N1,094. Masters reduced its price by N30 to N1,091. Matrix cut by N32 to N1,095. Sigmund dropped by N27 to N1,094.
In Warri, A.Y.M Shafa dropped from N1,128 to N1,090, a N38 reduction. Matrix cut by N35 to N1,090. Nepal and Optima each reduced by N32 and N31 respectively, both settling at N1,090 per litre.
Earlier, the National Bureau of Statistics (NBS) reported that the average retail price of Automotive Gas Oil (AGO), commonly known as diesel, increased by 86.40% year-on-year to N3,277.47 per litre in May 2026. The figure rose from N1,758.26 per litre recorded in May 2025. Diesel prices also increased by 32.44% month-on-month from N2,474.69 per litre in April 2026.
For Nigerian consumers and businesses, the sustained price cuts in petrol suggest that competition among refiners and depot owners is finally driving down costs at the pump. If the trend holds, further relief may be on the way for household budgets and transport fares.