Nigerian filling stations have reduced the pump prices of Premium Motor Spirit (PMS) by between N35 and N90 per litre in August 2026, following a reduction in Dangote Refinery's gantry price, according to a report by Legit.ng. Checks showed that MRS, Nigerian National Petroleum Company Limited (NNPCL), AA Rano, Nigerian Independent Petroleum Company (NIPCO), Emedab, and other filling stations in Abuja and surrounding areas have adjusted their petrol prices downward. Pump prices currently range between N1,210 and N1,275 per litre, compared with N1,305 to N1,335 recorded as of July 31, 2026. The latest adjustments mean motorists have enjoyed some relief at the pumps during the first 20 days of August, with prices falling by at least N35 per litre at several outlets.
Dangote Refinery Price Cut Drives Reduction
The decline followed Dangote Refinery's decision to reduce its gantry petrol price by N45, from N1,210 to N1,165 per litre. The refinery's petrol was also reported to be N53.54 cheaper than imported petrol, whose landing cost stood at N1,218.54 per litre. The development highlights the growing influence of local refining on petrol pricing as competition between domestic and imported products continues to shape the downstream petroleum market. Despite the decline in domestic pump prices, international crude oil prices remained relatively high. Brent crude stood at $91.90 per barrel, while West Texas Intermediate (WTI) traded at $84.60 per barrel at the time of reporting.
Depot Prices Move in the Opposite Direction
While motorists have benefited from lower pump prices, depot prices have remained volatile, with some operators raising their rates amid concerns about replacement costs and potential losses. Recent data from PetroleumPriceNG showed that average depot prices increased from about N1,168 to N1,200 per litre. Pivot added N15 to its petrol price, selling at N1,195 per litre, while Liquid Bulk recorded one of the biggest increases after adding N30 to sell at N1,215 per litre. RainOil Delta also raised its PMS price to N1,195 per litre. Dangote Refinery, meanwhile, slightly increased its depot price by N3, moving from N1,165 to N1,168 per litre.
Crude Prices Remain a Key Factor
Industry experts attribute the volatility in depot prices partly to movements in international crude oil prices, which influence the cost of refined petroleum products and replacement costs for marketers. The contrasting movements between pump and depot prices underline the fluid nature of Nigeria's downstream oil market, where refiners, depots, and retailers continue to adjust prices in response to changing market conditions. Legit.ng earlier reported that private petroleum depots in Nigeria have further reduced their petrol prices by as much as N35 per litre, intensifying competition in the downstream oil market and putting pressure on other suppliers to review their rates. The latest reductions have brought some depot prices closer to the rate offered by Dangote Refinery, which recently cut its petrol price by N50 per litre. Although several private depots are still selling above the refinery's current rate, the price cuts signal growing competition in Nigeria's increasingly competitive petroleum market.
