Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit by N25 a litre to N1,325. The cut comes only nine days after the refinery raised the price by N85.
On 12 September 2026, Dangote moved its rate from N1,265 to N1,350 a litre. The latest adjustment reverses part of that increase, leaving the current price N60 above the level before the September rise.
Crude Prices Ease
The decision followed a retreat in global crude oil prices. Pressure on international markets eased amid renewed expectations of diplomatic talks between the United States and Iran.
Brent crude fell 3.34 per cent to $100.40 a barrel, while West Texas Intermediate dropped 3.83 per cent to $92.40 a barrel at the latest update. The softer crude prices fed into Dangote’s revised domestic benchmark.
Depot Rates Adjust in Port Cities
Data from Petroleumprice.ng showed depots in major port cities aligned their prices on Monday with Dangote’s new rate.
In Warri, Keonamex, Sharon and Prudent depots all quoted N1,330 a litre. Masters and TSL depots in Port Harcourt matched that figure. Depots in Calabar, including Alkanes, Mainland and Sobaz, came in slightly lower at N1,327 a litre.
Lagos remained the outlier. Integrated and Ascon depots quoted N1,351 a litre N26 above Dangote’s new ex-gantry price. Most monitored coastal depots are now within N2 to N5 of the N1,325 benchmark, underscoring how closely wholesale rates track the refinery. The wider gap in Lagos points to local supply conditions and logistics costs still shaping prices differently by region.
Marketers Expect Further Reductions
The Independent Petroleum Marketers Association of Nigeria has said petrol prices are likely to fall further in the coming days and weeks because of the recent dip in international crude oil prices.
An IPMAN official said many filling stations have not yet cut prices below N1,300 a litre because they are still managing older stock bought at higher rates. Immediate reductions, he explained, could lead to losses for marketers holding expensive inventory.
Global crude movements, domestic supply volumes and competition among refiners and marketers are expected to remain the main drivers of petrol prices in Nigeria’s retail and wholesale markets.
Limited Near-Term Relief for Consumers
For now, the N25 cut offers only limited relief at the pump. Retail stations still holding costlier stock may delay passing the reduction on to motorists, so the gap between depot rates and what consumers pay could persist in the short term.
