Despite Dangote Petroleum Refinery's reduction of its ex-depot petrol price by N50 per litre, fuel marketers in Lagos have not adjusted their pump prices, leaving motorists paying the old rates. The refinery cut its ex-depot price from N1,215 to N1,165 per litre effective August 6, 2026, and also reduced diesel prices by N80 to N1,570 per litre.
Filling Stations Maintain Old Rates
Checks at various filling stations across Lagos on Thursday showed petrol still selling at between N1,240 and N1,260 per litre. This means consumers have yet to benefit from the lower refinery gate price. Even MRS, one of the refinery's major offtakers and strategic partners, had not adjusted its pump price by that date.
The pattern has drawn frustration from road users, who say marketers are quick to raise pump prices when depot costs go up but slow to bring them down when they fall. Motorists have called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) to step in and compel fuel marketers to lower pump prices.
Refinery Cites Efficiency Gains
The Dangote Refinery attributed the price reduction to improved operational efficiency and a commitment to passing cost savings to consumers whenever market conditions allow. In a statement, the company said: "As Africa's largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria's energy security, reducing reliance on imports and supporting national economic development through the supply of world-class petroleum products."
The N50 reduction at the refinery gate could translate into meaningful relief for motorists, transport operators, and businesses that depend on petrol-powered vehicles and generators, provided marketers adjust their pump prices. How much of the saving reaches consumers will depend on margins, transportation costs, and other logistics expenses that vary across retailers.
Consumers Expect Pump Price Drop
Jude Opara, a tricycle operator at Ogba Bus Stop in Lagos, acknowledged that filling stations could not sell at the ex-depot rate given their operating costs and margins. He said consumers were, however, expecting some adjustment at the pump. He said: "We know filling stations cannot sell at N1,165 because that is the gantry price. They have to add their margins, but we expected pump prices to drop to around N1,200 per litre. Instead, they have all maintained the old prices."
Bolt driver Shile Giwa went further, calling on the NMDPRA and FCCPC to intervene. According to The Sun, he accused marketers of exploiting consumers by refusing to reflect the lower cost of supply in their retail prices.
Impact on Fuel Imports
Earlier, Legit.ng reported that the National Bureau of Statistics (NBS) revealed that Nigeria's import bill for petrol decreased significantly by N87.401 billion in the first quarter of 2026. Data from the bureau's report titled "Foreign Trade Statistics Q1 2026" showed that the total value for petrol imports fell from N2.271 trillion to N87.401 billion, a 96.2 per cent decrease compared to the same period in 2025. According to the data released, fuel did not feature among the top 19 traded products.
For now, motorists across Lagos continue to pay up to N1,260 per litre, nearly N100 above the new Dangote ex-depot price, keeping pressure on regulators to respond.
