Fuel prices at depots across Nigeria dropped significantly during the week ending August 7, 2026, after Dangote Petroleum Refinery reduced its ex-depot prices, triggering similar cuts by private marketers in Lagos, Warri, Port Harcourt, and Calabar. The Dangote refinery led the move on August 5, lowering its petrol gantry price from N1,215 to N1,165 per litre, and its diesel price from N1,650 to N1,570 per litre, as reported by Petroleumprice.ng.
Lagos Depots Announce Major Reductions
In Lagos, several depots adjusted their petrol prices downward. MRS Tincan reduced petrol by N50 to N1,172 per litre, while Pinnacle cut by N49.30 to N1,165.70. Aiteo and Nipco each lowered petrol by N49 and N50 respectively, landing at N1,168. Integrated and African Terminal both reduced prices by N49, with petrol selling at N1,169 per litre.
Diesel prices saw even steeper drops in Lagos. African Terminal, Integrated, Duport, Ibachem, Gulf Treasure, and Ibeto all cut diesel by N80 to N100, bringing prices to N1,550 per litre. T.Time reduced by N70 to N1,560, while Wosbab and TMDK set diesel at N1,555. Menj cut its diesel price by N45 to N1,575.
Warri, Port Harcourt, and Calabar Follow Suit
The price reductions extended beyond Lagos. In Warri, Matrix and A.Y.M Shafa cut petrol prices by N38 and N40 respectively, both landing at N1,187 per litre. Their diesel prices each fell by N88 to N1,587, while Nipco in Warri brought diesel down to N1,591 from N1,650.
Port Harcourt depots also adjusted their prices. Matrix cut petrol by N28 to N1,197, Sigmund reduced by N45 to N1,180, and Liquid Bulk dropped by N23 to N1,197. On diesel, Matrix fell by N88 to N1,587, and Sigmund cut by N70 to N1,605.
In Calabar, Mainland, Soroman, and Sobaz reduced petrol prices to N1,180 per litre, with cuts ranging from N38 to N40. Fynefield reduced its diesel price by N55 to N1,595.
Impact of Dangote's Price Cut
The broad-based nature of the reductions points to a softer pricing environment in the downstream sector, with marketers adjusting their offers as they reassess inventory costs and replacement prices in light of the Dangote refinery's move. According to Petroleumprice.ng, the trend reflects a competitive market responding to the refinery's leadership.
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPC) cut petrol prices at its retail outlets in Lagos and Abuja for the second time in five days, as competition in Nigeria's downstream petroleum market and falling global crude oil prices continue to push pump prices lower. NNPC reduced its Lagos pump price by N10 per litre, from N1,265 to N1,255, effective Friday, August 7, 2026. In Abuja, NNPC trimmed its price by N36 per litre, from N1,335 to N1,299.
