Petrol and diesel prices drop as Dangote Refinery, marketers cut rates after FG meeting

Nigeria's downstream petroleum sector recorded fresh reductions in petrol and diesel depot prices on Monday as the Dangote Petroleum Refinery and several major fuel marketers cut prices following a high-level meeting with the Federal Government. The latest adjustments came after the government urged operators to align fuel prices with the recent decline in global crude oil prices, amid increasing competition and improved domestic product supply.

FG calls for fair pricing as crude oil drops below $70

Speaking at a stakeholders' meeting on cost-reflective pricing of Premium Motor Spirit (PMS), the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the current retail price of petrol no longer reflected market realities. Lokpobiri argued that while marketers quickly adjusted prices upward when crude oil traded above $118 per barrel, consumers have yet to benefit from the sharp drop in crude prices, even as Brent now trades below $70 per barrel. He stressed that although the petroleum market is fully deregulated, deregulation should not become an avenue for excessive profiteering.

The meeting, convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), brought together representatives of the Dangote Petroleum Refinery, the Major Energy Marketers Association of Nigeria (MEMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Nigerian Association of Road Transport Owners (NARTO), and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), according to a Vanguard report.

Dangote Refinery and other depots slash prices

Following the meeting, Dangote Refinery reduced its Lagos ex-depot petrol price by N3, from N1,079 to N1,076 per litre, while retaining its diesel price at N1,500 per litre. Other major depots also announced price cuts: NIPCO reduced petrol by N2 to N1,076 per litre. Pinnacle, Sahara, AIPEC, and African Terminal lowered prices to N1,075 per litre, with cuts ranging between N3 and N4. Aiteo maintained its petrol price at N1,075 per litre.

Diesel prices also softened across several depots. Rain Oil cut diesel by N15 to N1,430 per litre, while Ibeto, Duport and Ibachem matched the N1,430 per litre price. Dangote Refinery, however, left its diesel price unchanged.

Price cuts spread to Port Harcourt, Calabar, Warri

Marketers in other parts of the country also adjusted prices downward. In Port Harcourt, Matrix reduced petrol by N8 to N1,087 per litre and slashed diesel by N55 to N1,465 per litre, marking the largest diesel price cut recorded during the trading session. Sigmund lowered petrol by N12 to N1,082 per litre, while slightly increasing diesel by N2 to N1,463 per litre.

In Calabar, Fynfield cut petrol by N7 to N1,090 per litre, while Soroman reduced its price by N5 to the same level. In Warri, Matrix and Prudent both lowered petrol prices by N5 to N1,085 per litre. Prudent also reduced diesel by N25 to N1,475 per litre, while A.Y.M. Shafa cut diesel by N3 to N1,455 per litre.

Industry experts and regulators react

Industry analysts attributed the latest reductions to stronger competition among suppliers, increased domestic refining capacity and relatively stable international crude oil prices. Lokpobiri described discussions with downstream operators as productive, saying engagements would continue until a framework is established to ensure petrol prices more accurately reflect developments in the global oil market.

NMDPRA Chief Executive, Mallam Rabiu Umar, also said the regulator expects continued dialogue with marketers to translate into lower prices for consumers, stressing that deregulation must not encourage market distortion or unfair pricing. Meanwhile, IPMAN expressed optimism that petrol prices could fall below N800 per litre as more independent marketers begin sourcing products directly from Dangote Refinery. IPMAN National President, Abubakar Garima, disclosed that the association had already reduced petrol prices by about N125 per litre nationwide and pledged further reductions whenever product acquisition costs decline.

Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPCL) reduced the retail price of Premium Motor Spirit (PMS) for the second time in less than two weeks. A market survey conducted on Sunday, July 5, 2026, showed that NNPCL retail outlets have reduced the pump price of petrol to N1,150 per litre, down from N1,210 per litre.

For consumers and Nigerian businesses, the sustained decline in petrol and diesel prices could ease transport fares and reduce the cost of goods in the coming weeks, as competition among suppliers and domestic refining capacity continue to improve.