Dangote Petroleum Refinery may be compelled to cut its petrol and diesel loading prices again as competition among fuel depots in Lagos continues to heat up, with several operators now offering products at rates slightly below the refinery's ex-depot prices.
Market Data Shows Depot Operators Aggressively Adjusting Prices
Market figures obtained from Petroleumprice.ng on June 1, 2026, indicate that depot operators have been aggressively adjusting prices for both Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), or diesel, in a bid to attract buyers and maintain market share. The development highlights the growing price war in Nigeria's downstream petroleum sector, where suppliers are increasingly competing on cost, product availability and delivery efficiency.
Rival Depots Undercut Dangote's Petrol Prices
Dangote Refinery recently reviewed its PMS loading price to ₦1,253 per litre, while diesel was maintained at ₦1,701 per litre. Although the refinery remains one of the most competitive suppliers in the market, several private depots have now moved ahead with lower petrol prices. Data from the market showed that Aiteo, African Terminal, Integrated Energy, Aipec and Ardova reduced their PMS loading prices to ₦1,251 per litre, placing them below Dangote's current rate. Other operators, including Bono, Quest and Ascon, sold petrol at ₦1,252 per litre, while Techno Oil offered the product at ₦1,254 per litre. The narrowing price gap is increasing pressure on suppliers to review their pricing strategies in order to retain customers.
Diesel Market Also Sees Aggressive Price Cuts
Competition has also intensified in the diesel segment. While Dangote's diesel price of ₦1,701 per litre remains among the lowest in the market, rival depots have responded with a series of reductions. Ibeto and Aipec adjusted their AGO prices to ₦1,703 per litre, while Swift quoted ₦1,704 per litre. African Terminal, Duport, Nipco and Menj all revised their diesel prices to ₦1,705 per litre. These adjustments reflect growing efforts by depot operators to stay competitive as buyers increasingly compare prices across multiple suppliers before making purchases.
Imported Fuel Supplies Fuel Market Competition
A source within Dangote Refinery disclosed that the company may consider another downward review if competing depots continue to maintain lower loading prices. The source said: "Depot prices are now slightly below ours. If anything, we might go down if those depot prices remain lower." According to the source, the refinery is closely monitoring market trends and could respond if rivals sustain their current pricing levels. The intensified competition is being driven partly by increased availability of petroleum products and the resurgence of imported fuel supplies in the domestic market. Recent import allocations have expanded sourcing options for marketers, creating stronger competition between imported products and locally refined fuel.
