Depot petrol prices fall below Dangote’s ₦1,300 rate

Petrol depots in Lagos and Port Harcourt have started selling below Dangote Petroleum Refinery’s new ₦1,300 per litre gantry price, with the lowest listed rate at ₦1,283 per litre. Fresh price checks on Tuesday, November 3, 2026, showed several depots had adjusted their rates, with some selling as much as ₦17 per litre below the refinery’s official price.

The development signals renewed competition in Nigeria’s downstream petroleum sector as depot operators battle to attract buyers and maintain market share. It also raises hopes of cheaper fuel for millions of Nigerians already struggling with rising living costs.

Port Harcourt depot leads price cut

Masters depot in Port Harcourt offered the lowest listed petrol price at ₦1,283 per litre. That is ₦17 below Dangote Refinery’s ₦1,300 per litre gantry rate.

In Lagos, A.A. Rano listed petrol at ₦1,295 per litre. Another reviewed price showed a further reduction to ₦1,293 per litre. Nipco adjusted its Lagos depot price to ₦1,290 per litre, placing it ₦10 below Dangote’s benchmark.

The adjustments suggest independent marketers are increasingly willing to offer competitive prices to retain customers amid changing market conditions. Depot prices are wholesale rates and do not necessarily reflect what motorists will pay at filling stations.

Dangote shifts to fixed naira pricing

The depot reductions followed Dangote Refinery’s decision to abandon its previous pricing arrangement linked to the European gasoline benchmark. The Lagos-based refinery announced a fixed gantry price of ₦1,300 per litre and a coastal lifting rate of ₦1,676,250 per metric tonne, effective from midnight on November 3.

Under the previous arrangement, movements in the European gasoline benchmark could influence domestic petrol prices more frequently. The fixed naira price is designed to provide greater pricing stability and reduce uncertainty linked to international petroleum market swings.

The change could also help marketers plan purchases and manage supply costs more predictably.

What it means for pump prices

Lower depot prices could ease costs for Nigerians if filling stations buy fresh supplies at the reduced rates. But transportation expenses, distribution margins and existing inventories may delay any immediate cut at the pump.

With depot prices now ranging from ₦1,283 to ₦1,295 per litre, attention is shifting to major filling station operators, including NNPC Retail, MRS and independent marketers, to see whether wholesale reductions will reach consumers. For motorists and businesses battling high transport and operating costs, even modest relief would matter.