Petrol depot prices drop across Nigeria as competition heats up

Petrol depot prices fell across Lagos, Warri, Calabar and Port Harcourt on Tuesday, July 29, 2026, as oil marketers cut rates and no supplier raised prices. Dangote Refinery and Pinnacle offered the lowest ex-depot price at N1,216 per litre, while other depots announced fresh reductions.

Lagos depots lead with lower rates

In Lagos, Dangote Petroleum Refinery kept its ex-depot price at N1,216 per litre, the lowest among major suppliers. Pinnacle reduced its price by N2 to match that rate. MRS cut by N2 to N1,222 per litre, while Emadeb slashed N7 to N1,218 per litre. Aiteo, Nipco, Ascon, Shema and T-Time held their prices steady, with rates between N1,218 and N1,220 per litre. Industry experts said the trend reflects growing rivalry among suppliers, driven by stronger domestic production from Dangote Refinery alongside continued imports.

Price cuts in Warri, Calabar and Port Harcourt

In Warri, Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund all priced petrol at around N1,245 per litre. Rain Oil posted a N23 reduction to N1,245 per litre, and Matrix cut N10 to the same level. TSL reduced by N6 to N1,244 per litre. Calabar saw Northwest drop N15 to N1,235 per litre, Mainland cut N10 to N1,240 per litre, and Hong Petroleum trimmed N2 to N1,233 per litre — the lowest in the city. In Port Harcourt, Matrix reduced by N3 to N1,243 per litre, Optima cut N2 to match, and Rain Oil implemented a N23 reduction to N1,245 per litre.

Experts cautious on pump price impact

Analysts attributed the widespread cuts to improved fuel availability and intensifying competition among marketers targeting bulk buyers. The narrowing gap between Lagos at N1,216 per litre and other major markets around N1,245 per litre points to a more balanced pricing structure nationwide. However, experts cautioned that retail pump prices may not fall at the same pace because transportation costs, distribution expenses and marketers’ margins continue to influence final prices motorists pay. The latest adjustments indicate that stronger product availability and heightened competition are reshaping pricing trends in Nigeria’s downstream oil market.