Petrol depot prices declined across major supply hubs in Nigeria on Tuesday, July 29, 2026, as oil marketers introduced fresh reductions, underscoring intensifying competition in the downstream petroleum sector. A mid-day review of depot pricing data showed that depots in Lagos, Warri, Calabar, and Port Harcourt either slashed their ex-depot rates or held them steady, with no supplier raising prices.
Lagos Leads with Lowest Petrol Prices
In Lagos, Dangote Petroleum Refinery maintained its ex-depot petrol price at N1,216 per litre, the lowest among all major suppliers. Pinnacle followed suit by reducing its price by N2 to match Dangote's rate at N1,216 per litre. MRS lowered its price by N2 to N1,222 per litre, while Emadeb announced a steeper reduction of N7, bringing its price to N1,218 per litre. Other key marketers including Aiteo, Nipco, Ascon, Shema, and T-Time left their prices unchanged, with rates ranging between N1,218 and N1,220 per litre.
The pricing trend reflects intensifying rivalry driven largely by stronger domestic production from the Dangote Refinery, alongside continued imports by independent marketers and operators.
Price Cuts Recorded in Warri, Calabar, and Port Harcourt
Price reductions were also recorded across other major supply centres. In Warri, several depots adjusted rates downward: Bulk Strategic, Liquid Bulk, Masters, Matrix, and Sigmund all priced petrol at around N1,245 per litre. Rain Oil posted one of the biggest reductions, slashing its price by N23 to N1,245 per litre, while Matrix cut its rate by N10 to the same level. TSL also reduced its price by N6, settling at N1,244 per litre.
In Calabar, Northwest reduced its depot price by N15 to N1,235 per litre, while Mainland lowered its rate by N10 to N1,240 per litre. Hong Petroleum trimmed its price by N2 to N1,233 per litre, the lowest quoted in the city.
In Port Harcourt, Matrix reduced its petrol price by N3 to N1,243 per litre, while Optima matched that level after cutting N2 from its previous price. Rain Oil implemented a N23 reduction, bringing its ex-depot price to N1,245 per litre.
Experts Attribute Reductions to Improved Availability and Competition
Industry experts attributed the widespread price cuts to improved fuel availability and intensifying competition among marketers seeking to attract bulk buyers. They noted that the narrowing gap between Lagos, where petrol sells for N1,216 per litre, and other major markets, where prices now hover around N1,245 per litre, indicates a more balanced pricing structure across the country.
However, analysts cautioned that retail pump prices may not decrease at the same pace due to transportation costs, distribution expenses, and marketers' margins still influencing final prices. The latest adjustments suggest that stronger product availability and heightened competition continue to reshape pricing trends in Nigeria's downstream oil market.
