Petrol marketers have begun cutting prices below Dangote Petroleum Refinery's new N1,300-per-litre gantry rate, raising hopes of cheaper fuel for millions of Nigerians already struggling with rising living costs.
Fresh price checks across Lagos and Port Harcourt on Tuesday, November 3, 2026, showed that several petroleum depots had adjusted their rates, with some selling petrol as much as N17 per litre below the refinery's official price.
Marketers Announce New Petrol Depot Prices
According to the latest market figures, Masters depot in Port Harcourt offered the lowest listed petrol price at N1,283 per litre, representing a N17 difference from Dangote Refinery's gantry rate, PetroleumPriceNG reports.
In Lagos, A.A. Rano listed petrol at N1,295 per litre, while another reviewed price indicated a further reduction to N1,293 per litre. Similarly, Nipco adjusted its Lagos depot price to N1,290 per litre, placing it N10 below Dangote's new benchmark.
The adjustments suggest that independent marketers are increasingly willing to offer competitive prices to retain customers amid changing market conditions. However, depot prices are wholesale rates and do not necessarily reflect what motorists will pay at filling stations.
Dangote Refinery Introduces Fixed Petrol Prices
The latest reductions followed Dangote Refinery's decision to abandon its previous pricing arrangement linked to the European gasoline benchmark.
The Lagos-based refinery announced a fixed gantry price of N1,300 per litre, alongside a coastal lifting rate of N1,676,250 per metric tonne, effective from midnight on November 3.
The adjustment was designed to provide greater pricing stability and reduce uncertainty associated with fluctuations in international petroleum markets. Under the previous arrangement, movements in the European gasoline benchmark could influence domestic petrol prices more frequently. The return to fixed naira pricing could help marketers plan purchases and manage supply costs more predictably.
Will Nigerians Enjoy Cheaper Petrol Soon?
The growing price competition could eventually translate into lower pump prices, particularly if filling stations purchase fresh supplies at reduced depot rates.
However, transportation expenses, distribution margins and existing inventories may delay any immediate reduction for consumers. For motorists and businesses already battling expensive transportation and operating costs, even modest reductions could provide some relief.
With depot prices now ranging from N1,283 to N1,295 per litre, attention is shifting to major filling station operators, including NNPC Retail, MRS and independent marketers, to see whether wholesale reductions will reach consumers.
