On Wednesday, August 5, 2026, the Dangote Refinery announced a fresh reduction in its ex-gantry prices, setting petrol at N1,165 per litre and diesel at N1,605 per litre. This move triggered a broader market response, with several depot operators and retail stations, including MRS and AP, revising their own prices downward, according to a Legit.ng market survey.
What Triggered the Price Drop?
The price cuts came as global oil prices fell sharply. Brent crude dropped by $4.68, or 5.59 per cent, to $79.09 per barrel, slipping below the $80 mark. West Texas Intermediate (WTI) fell by $4.79, or 5.96 per cent, to $75.55 per barrel. The OPEC Basket suffered the steepest decline, shedding 10.04 per cent to $79.50 per barrel after losing $8.87.
The Indian Basket also dropped 5.78 per cent to $88.12 per barrel. Analysts have warned that if the decline in crude prices continues, it could weigh heavily on revenues for oil-exporting countries, including Nigeria.
New Depot and Pump Prices Across Regions
Competition among depot operators intensified in Lagos, Port Harcourt, Warri and Calabar ahead of the Dangote announcement. In Lagos, major depots were selling petrol within a narrow band of N1,215 to N1,218 per litre. Pinnacle held at N1,215, Nipco at N1,216, Ardova trimmed its price by N1 to N1,216, while MRS maintained N1,218.
On diesel, Emadeb cut its price by N10 to N1,620 per litre in Lagos, offering some relief to transport operators and industrial consumers.
In Port Harcourt, Matrix cut petrol by N2 to N1,220 per litre, while Bulk Strategic reduced diesel by N10 to N1,665 per litre.
Warri recorded some of the sharpest adjustments during the trading session. Matrix dropped petrol by N7 to N1,221 per litre, A.Y.M. Shafa reduced its price by N4 to N1,223, and both Optima and Rain Oil cut petrol by N2 each to N1,225 per litre. Diesel also fell in Warri, with Matrix and A.Y.M. Shafa each cutting by N10 to N1,670 and N1,665 per litre, respectively.
Retail Stations Adjust Pump Prices
A market survey by Legit.ng found that retail stations are already adjusting to reflect Dangote's revised rates. MRS, a major Dangote dealer, brought its petrol pump price down from N1,270 to N1,210 per litre. AP reduced its price from N1,260 to N1,220 per litre.
Experts say Nigerians should expect further price reductions in the coming days as new product shipments arrive and more retail outlets align with the lower depot rates.
Private Depots Match Dangote's Rates
Earlier, Legit.ng reported that the recent alignment of petrol prices at major depots with Dangote Refinery's rate of N1,215 per litre suggests a potential for further reductions in the coming days.
As competition heats up among retailers, Nigerian motorists stand to benefit from decreased fuel costs, a welcome relief amidst rising economic pressures.
