Petrol, diesel prices crash nationwide after Dangote cuts ex-depot rates
By Aboki Forex —
Petrol and diesel prices at fuel depots across Nigeria dropped during the week ending August 7, 2026, after Dangote Petroleum Refinery reduced its ex-depot prices, prompting similar cuts from private marketers in four major coastal cities. The Dangote refinery moved first on August 5, bringing its petrol gantry price down to N1,165 per litre from N1,215, and its diesel price to N1,570 per litre from N1,650.
Private depots follow Dangote
Private depot operators in Lagos, Warri, Port Harcourt and Calabar revised their own prices downward over the course of the week. Diesel prices recorded steeper drops than petrol at several Lagos depots, with some cuts reaching N100 per litre.
In Lagos, petrol prices fell across multiple depots. MRS Tincan dropped by N50 to N1,172 from N1,222. Pinnacle fell by N49.30 to N1,165.70 from N1,215. Aiteo reduced by N49 to N1,168 from N1,217. Nipco cut by N50 to N1,168 from N1,218. Integrated and African Terminal both dropped by N49 to N1,169 from N1,218.
Diesel cuts in Lagos were sharper. African Terminal, Integrated, Duport, Ibachem, Gulf Treasure and Ibeto all landed at N1,550 per litre. The first five reduced by N100 each, while Ibeto cut by N80. T.Time fell by N70 to N1,560. Wosbab and TMDK sold at N1,555. Menj dropped by N45 to N1,575.
Warri, Port Harcourt and Calabar adjust
The trend extended beyond Lagos. In Warri, Matrix and A.Y.M Shafa cut petrol prices by N38 and N40 respectively, both landing at N1,187 per litre. Their diesel prices each fell by N88 to N1,587, while Nipco in Warri brought diesel down to N1,591 from N1,650.
Port Harcourt depots also adjusted. Matrix cut petrol by N28 to N1,197, Sigmund reduced by N45 to N1,180, and Liquid Bulk dropped by N23 to N1,197. On diesel, Matrix fell by N88 to N1,587 and Sigmund cut by N70 to N1,605.
In Calabar, Mainland, Soroman, and Sobaz reduced petrol to N1,180 per litre, with cuts ranging from N38 to N40. Fynefield cut its diesel price by N55 to N1,595.
NNPC also cut pump prices
The broader pricing pressure has reached retail outlets. NNPC Limited reduced its Lagos pump price by N10 per litre, from N1,265 to N1,255, with the reduction taking effect on Friday, August 7, 2026. NNPC also trimmed its Abuja price by N36 per litre from N1,335 to N1,299. That is the second NNPC price cut in five days, as competition in Nigeria's downstream petroleum market and falling global crude oil prices continue to push pump prices lower.
The broad-based nature of the reductions points to a softer pricing environment in the downstream sector. Marketers are adjusting their offers as they reassess inventory costs and replacement prices in light of the Dangote refinery's move. For consumers and businesses, the latest round of cuts means lower fuel costs are filtering through the supply chain, with more reductions possible if crude prices stay weak.