Motorists and businesses across Nigeria could soon see another reduction in petrol prices as Dangote Petroleum Refinery is reportedly reviewing its fuel pricing strategy following a fresh decline in depot prices and intensifying competition in the downstream oil market. Industry sources say the refinery is assessing prevailing market conditions and may adjust its ex-depot prices for petrol and diesel in response to changing market dynamics.
Review Under Active Consideration
Although no official announcement has been made, stakeholders believe a review is under active consideration. If implemented, another price cut by Dangote Refinery could trigger a fresh wave of reductions across filling stations nationwide, offering relief to consumers grappling with high transportation and energy costs.
The review comes as global crude oil prices continue to soften, easing pressure on refined petroleum product costs. As of Monday morning, Brent crude traded at $85.81 per barrel, while U.S. West Texas Intermediate (WTI) stood at $81.89 per barrel. Lower crude prices often reduce the cost of refining fuel, creating room for refiners to lower wholesale prices. Analysts say this trend, combined with increasing competition among depot operators, has strengthened expectations of another downward adjustment.
Depot Operators Intensify Price War
Competition in Nigeria's downstream petroleum sector has become increasingly fierce, particularly in the diesel market. According to market checks by Petroleumprice.ng, several private depots in Lagos are already selling Automotive Gas Oil (AGO), commonly known as diesel, below Dangote Refinery's current ex-depot price.
Integrated, Ibeto, T.Time, Duport, Ibachem, Gulf Treasure, African Terminal and Pivot all quoted diesel at ₦1,620 per litre on Monday. Emadeb sold at ₦1,630 per litre, while Wosbab reduced its price from ₦1,630 to ₦1,620 per litre. TMDK also lowered its diesel price to ₦1,620 per litre, while Prudent in Warri offered the product at ₦1,650 per litre.
The aggressive pricing by private depots has narrowed the gap with Dangote Refinery, increasing pressure on the refinery to remain competitive.
Petrol Prices Also Converge
The petrol market is showing similar trends, with depot prices across the country now closely matching Dangote Refinery's current ex-depot rate. In Lagos, Aiteo reviewed its petrol price to ₦1,215 per litre, while Emadeb and Ardova sold at ₦1,217 per litre. MRS Tin Can quoted ₦1,218 per litre.
Outside Lagos, Liquid Bulk in Port Harcourt sold petrol at ₦1,220 per litre, Matrix offered ₦1,222 per litre, while Hong Petroleum, Mainland and Sobaz in Calabar quoted prices ranging from ₦1,217 to ₦1,218 per litre. The narrowing price difference suggests that competition among marketers is becoming more intense as companies seek to attract bulk buyers.
What a Dangote Price Cut Could Mean
Industry players say any reduction in Dangote Refinery's ex-depot prices would likely reshape fuel pricing across Nigeria. As the country's largest refinery, Dangote's pricing decisions often influence the wider downstream market, with many depot operators adjusting their own rates in response.
Although the refinery has yet to issue an official statement, market sources insist it is closely monitoring prevailing market conditions before making its next move. If a price cut is announced, consumers could benefit from lower pump prices in the coming days, while marketers may be forced to further reduce rates to remain competitive. The development would also reinforce the ongoing price competition that has increasingly defined Nigeria's liberalised fuel market.
Petrol Depot Prices Fall Nationwide
Legit.ng earlier reported that petrol depot prices declined across major supply hubs on Tuesday, July 29, 2026, as oil marketers introduced fresh price reductions, highlighting the growing competition in Nigeria’s downstream petroleum sector. A review of the latest midday depot pricing data showed that depots in Lagos, Warri, Calabar and Port Harcourt either cut their ex-depot prices or maintained existing rates. None of the monitored depots increased petrol prices during the period.
