Dangote Refinery Slashes Petrol Price to ₦1,325 Per Litre as Crude Oil Falls Below $100
The Dangote Petroleum Refinery has reduced its petrol selling price by ₦25 per litre, bringing its ex-gantry rate down from ₦1,350 to ₦1,325, following a decline in international crude oil prices.
The adjustment, announced on September 23, 2026, has been accompanied by price reductions at several major petroleum depots across Nigeria, offering the prospect of some relief for fuel consumers.
The development comes as Brent crude dropped below the $100-per-barrel mark, trading at $99.77, while the United States benchmark, West Texas Intermediate (WTI), fell to $91.17 per barrel.
Lagos Depots Adjust Petrol Prices
The reduction in Dangote Refinery’s ex-gantry price has triggered downward adjustments among petroleum marketers in Lagos.
According to data from Petroleumprice.ng, Ascon, Integrated, Pinnacle and Sahara lowered their depot prices by approximately ₦24 per litre, with their new rates ranging between ₦1,326 and ₦1,327.
MRS also reduced its price by ₦20 to ₦1,332 per litre, while Wosbab adjusted its rate to ₦1,330.
The latest price movement follows a retreat in global crude oil prices after Brent surged to around $109 per barrel the previous week amid concerns over possible supply disruptions in the Middle East.
However, crude oil prices have since eased amid renewed expectations of diplomatic engagement between the United States and Iran.
Petrol Prices Decline Across Other Markets
The downward adjustment has also extended to other petroleum trading centres, including Port Harcourt, Calabar and Warri.
In Port Harcourt, Stockgap reduced its petrol price by ₦7 to ₦1,323 per litre, while Masters lowered its rate by ₦2 to ₦1,328. Bulk Strategic and Sigmund quoted ₦1,328, while Matrix maintained its price at ₦1,330.
Calabar recorded one of the lowest depot prices, with Mainland reducing its rate by ₦7 to ₦1,320 per litre. Alkanes also cut its price to ₦1,325, while Matrix retained its ₦1,330 rate.
In Warri, Keonamex lowered its price by ₦3 to ₦1,327 per litre. Nepal and Prudent also adjusted their prices to ₦1,329 and ₦1,328, respectively.
Despite the reductions at the depot level, consumers are still paying between ₦1,370 and ₦1,450 per litre at filling stations, depending on location.
Transportation expenses, existing fuel inventories and marketers’ profit margins remain among the factors influencing retail prices.
Diesel Prices Record Further Reductions
The decline in crude oil prices has also coincided with adjustments in the diesel market.
In Lagos, Chipet reduced its Automotive Gas Oil (AGO) price by ₦15 to ₦1,815 per litre, while Ascon, Duport and Integrated each recorded ₦5 reductions.
Port Harcourt also witnessed a significant adjustment, as Masters reduced its diesel price by ₦35 to ₦1,900 per litre.
In Warri, Matrix lowered its AGO price by ₦50 to ₦2,000 per litre, while Prudent and Rain Oil each reduced their prices by ₦10 to ₦1,940.
Will Nigerians Pay Less at Filling Stations?
The latest depot price reductions could provide some relief for motorists and businesses, although the extent and timing of any retail price decline remain uncertain.
Market observers will be watching how quickly filling station operators adjust their pump prices as they replenish their stocks at the new depot rates.
The naira-dollar exchange rate, international crude oil prices and the cost of refined petroleum products are also expected to influence subsequent price movements.
For now, the reduction by Dangote Refinery and other depot operators signals a downward shift in Nigeria’s wholesale petrol market, although consumers are yet to experience the full impact at the pumps.
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