Dangote Refinery returns to naira petrol sales as depot prices drop across Nigeria
By Aboki Forex —
Dangote Refinery has resumed selling petrol in naira, prompting several depot operators to cut their ex-depot prices by about N50 per litre. The move offers some relief to marketers and motorists even as global crude oil prices remain elevated near $100 per barrel.
Dangote sets new ex-depot price at N1,215 per litre
Earlier this week, Dangote Refinery announced a return to selling petroleum products in naira after briefly adopting a different pricing arrangement that industry stakeholders blamed for pushing fuel costs higher. The refinery’s latest ex-depot petrol price stands at N1,215 per litre. The decision has influenced other depot owners to adjust their rates downward, according to market data compiled by PetroleumPriceNG.
Data shows that A.A. Rano now sells PMS at N1,220 per litre. AITEO has adjusted its price to N1,228 per litre. Mainland is selling at N1,224 per litre. Sobaz has reduced its price to N1,245 per litre. The reductions reflect growing competition among depot operators following Dangote's pricing adjustment.
Global crude rally continues but local prices ease slightly
Despite the drop in depot prices, international crude oil prices remain strong due to supply concerns and geopolitical developments. Data from Oilprice.com shows that crude oil prices briefly approached the $100-per-barrel mark before easing slightly. As of Friday, July 24, 2026, Brent crude traded at $98.81 per barrel, West Texas Intermediate at $90.78 per barrel, and Murban crude at $105 per barrel.
The rally in crude prices had earlier triggered an increase in the cost of imported petroleum products, with depot prices climbing to about N1,280 per litre and pump prices in some locations reaching as high as N1,400 per litre. The latest reductions have brought some moderation, though prices remain far above levels seen earlier in the year.
Marketers call for government intervention amid inflation
The Independent Petroleum Marketers Association of Nigeria (IPMAN) had earlier urged the Federal Government to intervene over rising petrol prices. The association warned that continued increases would place additional pressure on businesses and households already struggling with high inflation. Energy analysts say the latest reduction in depot prices is a positive development that could eventually translate into lower retail pump prices if marketers pass on the savings to consumers.
What this means for Nigerians
The return to naira-based pricing by Dangote Refinery and the subsequent depot price cuts raise hopes that increased competition among suppliers could help ease the burden on Nigerians facing rising transportation and living costs. However, with global crude prices still high and the naira under pressure, sustained relief at the pump will depend on how long the refinery maintains its current pricing structure and whether other industry players follow suit.