Latest petrol, diesel prices across Nigeria as Dangote cuts gantry rates
By Aboki Forex —
Dangote Refinery has reduced its ex-gantry petrol price to N1,165 per litre and diesel to N1,605 per litre, effective Wednesday, August 5, 2026. The move follows a sharp drop in global crude prices and has triggered immediate cuts at depots and filling stations nationwide.
Dangote's new prices
The refinery announced the fresh reduction on Wednesday, setting petrol at N1,165 per litre and diesel at N1,605 per litre. The new rates put pressure on depots and retailers to adjust their own prices, with many moving quickly to stay competitive.
A market survey found that MRS and AP were among the first filling stations to lower pump prices in response to Dangote's new gantry rates.
Crude oil crash
The price cuts came as global oil prices fell sharply. Brent crude dropped by $4.68, or 5.59 per cent, to $79.09 per barrel, slipping below the $80 mark. West Texas Intermediate (WTI) fell by $4.79, or 5.96 per cent, to $75.55 per barrel.
The OPEC Basket suffered the steepest decline, shedding 10.04 per cent to $79.50 per barrel after losing $8.87. The Indian Basket also dropped 5.78 per cent to $88.12 per barrel. Analysts have warned that if the decline in crude prices continues, it could weigh heavily on revenues for oil-exporting countries, including Nigeria.
Depot and filling station reactions
Competition among depot operators intensified in Lagos, Port Harcourt, Warri and Calabar even before the Dangote announcement. In Lagos, major depots were selling petrol within a narrow band of N1,215 to N1,218 per litre. Pinnacle held at N1,215, Nipco at N1,216, Ardova trimmed its price by N1 to N1,216, while MRS maintained N1,218.
On diesel, Emadeb cut its price by N10 to N1,620 per litre in Lagos, offering some relief to transport operators and industrial consumers. In Port Harcourt, Matrix cut petrol by N2 to N1,220 per litre, while Bulk Strategic reduced diesel by N10 to N1,665 per litre.
Warri recorded some of the sharpest adjustments during the trading session. Matrix dropped petrol by N7 to N1,221 per litre, A.Y.M. Shafa reduced its price by N4 to N1,223, and both Optima and Rain Oil cut petrol by N2 each to N1,225 per litre. Diesel also fell in Warri, with Matrix and A.Y.M. Shafa each cutting by N10 to N1,670 and N1,665 per litre, respectively.
Retail stations are already adjusting to reflect Dangote's revised rates. MRS, a major Dangote dealer, brought its petrol pump price down from N1,270 to N1,210 per litre. AP reduced its price from N1,260 to N1,220 per litre.
What it means for consumers
Experts say Nigerians should expect further price reductions in the coming days as new product shipments arrive and more retail outlets align with the lower depot rates. The recent alignment of petrol prices at major depots with Dangote Refinery's rate of N1,215 per litre suggests potential for further cuts. As competition heats up among retailers, Nigerian motorists stand to benefit from decreased fuel costs, a welcome relief amidst rising economic pressures.