Dangote Refinery Cuts Petrol Price by N1, MRS Oil Follows as Diesel Prices Surge in Lagos

The Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, by N1 per litre, even as diesel prices increased at several petroleum depots in Lagos, highlighting contrasting price movements in Nigeria's downstream oil market. The adjustment, which took effect on Wednesday, July 8, 2026, saw Dangote's petrol loading price drop from N1,076 to N1,075 per litre.

Mixed Price Moves Across Lagos Depots

MRS Oil Nigeria also lowered its depot price by N2 per litre, bringing it down to N1,074 from N1,076 per litre, making it one of the lowest-priced petrol suppliers in Lagos. However, several major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, retained their existing petrol prices, suggesting that the wholesale PMS market remains relatively stable despite growing competition. Across Lagos, petrol depot prices continued to trade within a narrow range of N1,074 to N1,075 per litre.

While petrol prices remained largely unchanged, diesel prices rose across many Lagos depots. African Terminal increased its Automotive Gas Oil (AGO) price from N1,410 to N1,450 per litre. Similar N40 per litre increases were implemented by Duport, Ibachem, Ibeto and T-Time, with each raising prices to N1,450 per litre.

Regional Divergence in Diesel and Petrol Prices

Outside Lagos, diesel prices followed a different trend. In Port Harcourt, Matrix Depot reduced its diesel price by N50 per litre to N1,500 from N1,550, offering some relief to transport operators and industrial consumers. Sigmund also trimmed its diesel price slightly, reducing it by N3 per litre to N1,460 from N1,463. Petrol prices in Port Harcourt remained unchanged, with Matrix maintaining its PMS price at N1,100 per litre.

In Warri, competition among marketers led to modest reductions in petrol prices. Nepal and Optima each cut their prices by N2 per litre to N1,083, while Parker reduced its price by N1 to N1,084 per litre. Matrix, Rain Oil, Prudent and A.Y.M Shafa left their petrol prices unchanged at N1,085 per litre. On the diesel side, Prudent increased its price by N70 per litre, from N1,480 to N1,550, while A.Y.M Shafa retained its diesel price at N1,435 per litre. In Calabar, Soroman maintained its petrol price at N1,100 per litre, while Fynfield raised its diesel price by N30 per litre to N1,480 from N1,450.

Global Crude Rally Raises Fresh Concerns

Meanwhile, international crude oil prices surged sharply on Wednesday, pushing Brent crude close to the $80 per barrel threshold amid renewed geopolitical tensions and expectations of tighter global supply. Market data showed Brent crude climbing by $5.43, or 7.32 per cent, to $79.59 per barrel. West Texas Intermediate (WTI) also advanced by $4.78, representing a 6.79 per cent increase, to $75.22 per barrel.

The sharp rise in crude prices has renewed concerns that domestic petroleum product prices could come under upward pressure in the coming weeks if the global rally persists.