Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (petrol) by N25, setting a new rate of N1,325 per litre. The price cut comes just nine days after the refinery increased its price by N85 on September 12, 2026, when the rate moved from N1,265 to N1,350 per litre. This latest adjustment reverses part of that earlier hike, leaving the current price N60 above the level it stood at before the September 12 increase.
Global Crude Oil Decline Drives Price Adjustment
The price reduction follows a retreat in international oil markets, driven by renewed expectations of diplomatic talks between the United States and Iran. Brent crude fell 3.34% to $100.40 per barrel, while West Texas Intermediate dropped 3.83% to $92.40 per barrel at the latest market update. The decline in global crude prices contributed to Dangote's decision to lower its domestic petrol benchmark.
Data from energy publication Petroleumprice.ng showed that depots across major port cities adjusted their prices on Monday in line with Dangote's revised rate. In Warri, Keonamex, Sharon and Prudent depots all quoted N1,330 per litre. Masters and TSL depots in Port Harcourt matched that figure at N1,330. Depots in Calabar, including Alkanes, Mainland and Sobaz, came in slightly lower at N1,327 per litre.
Regional Price Variations Persist Across Depots
Lagos remained an outlier, with Integrated and Ascon depots quoting N1,351 per litre, N26 above Dangote's new ex-gantry price. Most monitored coastal depots are now within N2 to N5 of Dangote's N1,325 benchmark, reflecting how closely wholesale depot prices track the refinery's rate. The wider gap seen in Lagos suggests that local supply conditions and logistics costs continue to influence prices differently across regions.
Going forward, global crude movements, domestic supply volumes and competition among refiners and marketers are expected to remain key drivers of petrol prices in Nigeria's retail and wholesale markets.
Marketers Predict Further Price Drops
Earlier, Legit.ng reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said petrol prices in the country are likely to drop further in the days and weeks ahead as a result of the recent dip in international crude oil prices. An IPMAN official said many filling stations are yet to reduce prices below N1,300 per litre because they are still managing old stock purchased at higher rates. He explained that immediate price cuts could lead to losses for marketers still holding expensive inventory.
