Dangote, depot operators slash petrol prices after brief hike

Dangote Refinery and several petroleum depot operators have reduced petrol prices, barely 24 hours after a new price increase sparked fears of another round of rising pump costs. The reversal brings some relief to Nigerian motorists, though current rates remain above last week's levels.

The Dangote Refinery had initially raised the ex-depot price of Premium Motor Spirit (PMS) from N1,150 to about N1,181 per litre. That increase came as crude oil prices climbed towards $90 per barrel, with geopolitical tensions around the Strait of Hormuz intensifying. But the refinery has now adjusted its pricing downward, although the current rate still sits above the N1,150 per litre announced last week.

Depot operators follow with fresh price cuts

Data from PetroleumPriceNG shows several depot operators have also reduced their petrol prices from recent highs. Many are now offering products within the N1,170 to N1,185 per litre range.

Pinnacle is reportedly selling petrol at about N1,170 per litre, while Integrated is offering the product at approximately N1,185 per litre. The adjustments appear to reflect growing competition among suppliers, as major refiners and independent depot operators fight for market share.

However, not all depots have joined the downward trend. Some private operators continue to sell petrol above N1,200 per litre. Market participants say some businesses are holding higher prices to protect themselves against replacement costs and further market volatility.

Uncertainty remains in the petrol market

Despite the latest reductions, Nigerians still face an unpredictable petrol market. Industry watchers expect international oil prices to remain sensitive to developments around the Strait of Hormuz and broader geopolitical tensions. Any sustained disruption to global crude supply could put fresh pressure on crude prices and, by extension, domestic petroleum costs.

Legit.ng earlier reported that petrol depot prices rose across Nigeria's key petroleum hubs on Tuesday, August 11, 2026, as global crude oil prices pushed towards $90 per barrel. Data from multiple depots obtained by Petroleumprice.ng showed widespread increases in Lagos, Port Harcourt, Calabar and Warri. Parker in Warri recorded the highest single jump among listed marketers, raising its PMS price by N48 per litre to N1,230 from N1,182.

For Nigerian motorists, the latest price cuts offer only temporary relief. With petrol prices continuing to respond to global crude movements and local market conditions, consumers may have to brace for further changes as refiners and depot operators adjust their prices to reflect developments in the international energy market.