Dangote Slashes Petrol Price by N50, Marketers Yet to Pass on Relief

Dangote Petroleum Refinery has cut its ex-depot petrol price from N1,215 to N1,165 per litre, effective August 6, 2026, but filling stations in Lagos have not adjusted their pump prices. Motorists are still paying between N1,240 and N1,260 per litre, wiping out the intended savings from the refinery gate reduction.

The refinery also lowered diesel prices by N80 per litre, from N1,650 to N1,570. Dangote said the reductions were driven by improved operational efficiency and a commitment to passing cost savings to consumers whenever market conditions allow.

Marketers Hold On

Checks at filling stations across Lagos on Thursday showed petrol still selling above the new ex-depot price. Even MRS, one of Dangote's major offtakers and strategic partners, had not adjusted its pump price by that date.

Dangote said in a statement: "As Africa's largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria's energy security, reducing reliance on imports and supporting national economic development through the supply of world-class petroleum products."

The delay has frustrated road users. Jude Opara, a tricycle operator at Ogba Bus Stop, said consumers understood that filling stations need margins, but still expected some adjustment.

He said: "We know filling stations cannot sell at N1,165 because that is the gantry price. They have to add their margins, but we expected pump prices to drop to around N1,200 per litre. Instead, they have all maintained the old prices."

Pressure on Regulators

Bolt driver Shile Giwa called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) to intervene. He accused marketers of exploiting consumers by refusing to reflect the lower cost of supply in their retail prices.

The N50 cut at the refinery gate could offer meaningful relief to motorists, transport operators, and businesses relying on petrol-powered vehicles and generators, if marketers adjust their pump prices. How much of the saving reaches consumers will depend on margins, transportation costs, and other logistics expenses that vary across retailers.

For now, motorists across Lagos continue to pay up to N1,260 per litre, nearly N100 above the new Dangote ex-depot price, keeping pressure on regulators to respond.

Petrol Import Bill Drops

In a related development, the National Bureau of Statistics (NBS) revealed that Nigeria's import bill for petrol decreased significantly by N87.401 billion in the first quarter of 2026. Data from the bureau's report titled "Foreign Trade Statistics Q1 2026" showed that the total value for petrol imports fell from N2.271 trillion to N87.401 billion, a 96.2 per cent decrease compared with the same period in 2025. According to the data, fuel did not feature among the top 19 traded products.

For the naira and Nigerian consumers, the Dangote price cut signals a possible easing of fuel costs, but only if retailers comply. Until then, the gap between refinery prices and pump prices remains a flashpoint for public anger.