Dangote Cuts Petrol Price to N1,325 Per Litre, Nine Days After N85 Hike
By Aboki Forex —
Dangote Petroleum Refinery has cut the ex-gantry price of Premium Motor Spirit by N25 per litre, bringing its new rate to N1,325. The reduction comes just nine days after the refinery raised the price by N85.
On September 12, 2026, Dangote moved its price from N1,265 to N1,350 per litre. The latest cut reverses part of that increase, leaving the current price N60 above where it stood before the September adjustment.
Crude Oil Prices Retreat
The refinery's decision followed a retreat in global crude oil prices. Pressure on international oil markets eased on renewed expectations of diplomatic talks between the United States and Iran.
Brent crude fell 3.34% to $100.40 per barrel. West Texas Intermediate dropped 3.83% to $92.40 per barrel at the latest market update. The softer crude prices fed into Dangote's revised domestic benchmark.
Depot Rates Adjust Across Port Cities
Data from energy publication Petroleumprice.ng showed depots in major port cities adjusted their prices on Monday in line with Dangote's new rate.
In Warri, Keonamex, Sharon and Prudent depots all quoted N1,330 per litre. Masters and TSL depots in Port Harcourt matched that figure at N1,330.
Depots in Calabar, including Alkanes, Mainland and Sobaz, came in slightly lower at N1,327 per litre.
Lagos remained the outlier. Integrated and Ascon depots quoted N1,351 per litre, which is N26 above Dangote's new ex-gantry price.
Most monitored coastal depots are now within N2 to N5 of Dangote's N1,325 benchmark, showing how closely wholesale depot prices track the refinery's rate. The wider gap in Lagos points to local supply conditions and logistics costs still shaping prices differently across regions.
Marketers Expect Further Cuts
The Independent Petroleum Marketers Association of Nigeria has said petrol prices are likely to drop further in the days and weeks ahead because of the recent dip in international crude oil prices.
An IPMAN official said many filling stations are yet to reduce prices below N1,300 per litre because they are still managing old stock bought at higher rates. He explained that immediate price cuts could lead to losses for marketers still holding expensive inventory.
Global crude movements, domestic supply volumes and competition among refiners and marketers are expected to remain the key drivers of petrol prices in Nigeria's retail and wholesale markets.
What It Means for Nigerians
For now, the N25 cut offers limited relief at the pump. Retail stations holding costlier stock may delay passing the reduction to consumers, so the gap between depot rates and what motorists pay could persist in the short term.