180,000 tonnes of petrol land in Lagos, Warri as depot prices drop
By Aboki Forex —
More than 180,000 metric tonnes of petrol arrived at Lagos and Warri terminals in August 2026, just as depot operators slashed prices across key markets. Dangote Refinery now has the lowest depot price in Lagos at N1,166 per litre.
Fresh cargoes hit the terminals
Data from Petroleumprice.ng showed the cargo movements involved six vessels: Bora, LIAN XI LU, ST Lady Doyin, Brands Hatch, Princess Oge and Matrix Pride.
The Bora carried 20,000 metric tonnes, arrived on August 12, and was scheduled to load at the Dangote Petroleum Refinery before discharging at Stockgap in Port Harcourt. LIAN XI LU, carrying 33,000 metric tonnes, was scheduled to berth at AIPEC on the same date. ST Lady Doyin berthed at Bovas with 37,000 metric tonnes on board.
At Pinnacle, Brands Hatch arrived on August 11 carrying 61,000 metric tonnes and berthed the following day. In Warri, Princess Oge brought in 15,000 metric tonnes, arrived on August 10, and berthed at RainOil after loading at the Dangote Refinery. Matrix Pride, also carrying 15,000 metric tonnes, was scheduled to berth at Matrix.
Depot prices fall across the country
The surge in product availability is coinciding with depot owners lowering their prices. Market data showed price cuts in Lagos, Calabar, Port Harcourt and Warri, with some operators reducing rates by as much as N21 per litre.
On Friday, August 14, Dangote Refinery posted the lowest depot price in Lagos at N1,166 per litre. African Terminal and Bono each cut their prices by N10 to N1,180 per litre, while Integrated reduced its rate by N11 to N1,179 per litre.
These adjustments follow Dangote Refinery's earlier decision to cut its petrol ex-depot price by N50 per litre, bringing it down from N1,215 to N1,165. That new rate took effect on August 6.
What this means for pump prices
Industry analysts say the fresh supplies could push depot operators to cut prices further as competition among marketers intensifies. New cargoes are expected to improve short-term product availability.
However, how much of this feeds through to pump prices at filling stations will depend on how quickly lower depot costs are passed through the supply chain. International crude oil prices, shipping costs and the pace at which cargoes are discharged and evacuated will also shape what motorists ultimately pay.
Import licences and the Dangote suit
The developments reinforce the growing role of domestic refining in Nigeria's downstream petroleum sector. Dangote Refinery's pricing is increasingly influencing how private depots compete.
Marketers have said they are ready to oppose a suit filed by Dangote Petroleum Refinery to stop the issuance of new petrol import licences. The legal battle followed approvals granted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to six companies to import about 720,000 metric tonnes of Premium Motor Spirit.
The companies approved to import petrol are NIPCO, AA Rano, Matrix Energy, Shafa, Pinnacle Oil and Bono Energy.
For Nigerian motorists, the fresh cargoes and falling depot prices could mean further relief at the pump. The speed of that relief depends on how fast marketers pass on the lower costs.