Dangote Refinery cuts petrol ex-depot price to N1,165, private depots begin adjusting
By Aboki Forex —
Dangote Refinery has reduced its ex-depot petrol price by N50 per litre, with the new rate taking effect from August 6, 2026. The 700,000-barrels-per-day refinery now sells Premium Motor Spirit (PMS) at N1,165 per litre, down from N1,215 per litre.
The refinery also slashed its ex-depot diesel price from N1,650 to N1,570 per litre, giving marketers and distributors another chance to lower costs.
Depot prices across Lagos
Market data obtained from Petroleumprice.ng shows that Pinnacle has reduced its petrol price to N1,175 per litre, just N10 higher than Dangote's new rate. Other private depots are yet to fully align.
Soroman quoted N1,214 per litre, Mainland maintained N1,215 per litre, and A.A. Rano sold petrol at N1,216 per litre. Earlier this week, Aiteo retained its price at N1,215 per litre on both August 4 and August 5, while Ardova, Lister, and A.A. Rano all sold petrol at around N1,216 per litre, leaving Dangote's revised price at least N50 cheaper.
Why some depots are slow to respond
Industry experts say the slower response from some depots is expected because many marketers are still selling fuel purchased when Dangote's previous ex-depot price stood at N1,215 per litre. Once those inventories are exhausted and new supplies arrive at the revised price, depot rates are expected to fall further.
Financial analyst Osas Igho said Nigerians should expect broader reductions across the downstream market in the coming days. According to him, many marketers are already sourcing fresh cargoes at lower costs, helped by the recent decline in global crude oil prices.
"We are expecting massive depot petrol and fuel price cuts in the coming days," Igho said.
Impact on consumers and businesses
The latest reduction has renewed hopes that filling stations will eventually pass the savings on to motorists. If retail fuel prices begin to decline nationwide, transportation costs, logistics expenses, and the prices of goods and services could also ease, offering some relief to households and businesses grappling with high living costs.
The move also reinforces Dangote Refinery's growing influence in Nigeria's petroleum market, where its pricing decisions are increasingly shaping the strategies of competing depots and fuel marketers. With competition intensifying and fresh, lower-cost fuel supplies expected to enter the market, industry observers believe motorists may soon witness another round of pump price reductions, provided marketers transfer the lower ex-depot costs to consumers.