Nigerian motorists could soon pay less for petrol after the Dangote Petroleum Refinery reportedly lowered its wholesale price and depot owners across the country followed with cuts of their own. The state-owned NNPC Limited has also made a small reduction at its retail outlets, according to reports by Legit.ng and Naija News, although the full benefit may take several days to reach filling stations.
Dangote cuts gantry price by ₦55
Marketers linked to the Lekki-based refinery announced that its petrol (PMS) gantry price had dropped by ₦55 per litre, from ₦1,265 to ₦1,210, a reduction of about 4.35 per cent, Naija News reported. Some reports put the new rate at ₦1,215 per litre, and figures published by the Major Energies Marketers Association of Nigeria (MEMAN) listed an even lower benchmark for the refinery as of October 30.
The gantry price is what bulk buyers pay to load fuel at the refinery. It is not the price motorists pay at the pump, which also includes transport costs, taxes and marketers’ margins.
According to the reports, the cut follows a fall in the European gasoline benchmark the refinery uses for pricing, as well as softer global crude prices. Legit.ng said West Texas Intermediate dipped about 3 per cent to around $99 a barrel, while Brent fell roughly 4 per cent to about $104.
Depots slash rates in Lagos and Warri
Independent depot owners moved quickly to stay competitive. Data from pricing platform PetroleumPriceNG, cited by Legit.ng, showed Lagos depot prices for petrol averaging about ₦1,258 to ₦1,259 per litre on Monday, down from around ₦1,300 last Thursday and as high as ₦1,340 at some depots earlier in the week.
African Terminal, Ardova, Integrated, Rainoil and Nipco were quoted at ₦1,260, while Aiteo offered ₦1,255. In Warri, depots such as Matrix, Parker and Prudent were selling at about ₦1,300, a cut of more than ₦50 per litre. Diesel prices in Lagos also fell by ₦90 to ₦95, averaging just over ₦1,800 per litre.
MEMAN’s latest figures put the landing cost of imported petrol at about ₦1,254 per litre, which suggests imported fuel is struggling to undercut locally refined supply.
NNPC, MRS and independent marketers react
NNPC has reduced its pump price from ₦1,365 to ₦1,355 per litre, a ₦10 cut, Legit.ng reported. Motorists in Abuja and nearby areas have been paying between ₦1,370 and ₦1,429 per litre at various stations.
An NNPC station manager in Abuja, who spoke anonymously, said further reductions were expected “from this week”, while a manager at an MRS outlet said prices could fall in the coming days. Neither company has issued an official statement.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said members would lower prices once they receive Dangote petrol bought at the new rate. Stations still selling older, more expensive stock may hold prices until it runs out.
Why prices keep moving
Since the removal of petrol subsidy in 2023 and the full deregulation of the downstream sector, pump prices in Nigeria have moved up and down with global crude prices, the exchange rate and competition among suppliers. The Dangote refinery, with a capacity of 650,000 barrels per day, has become the main price-setter in the local market, and its frequent adjustments in 2026 have pushed depot owners and importers to respond.
Fuel costs feed directly into transport fares and food prices, so even modest cuts can ease pressure on households already struggling with high living costs.
What happens next
Marketers expect retail prices to adjust gradually through the week as new stock reaches stations. How much motorists save will depend on how quickly NNPC, MRS and independent dealers pass on the lower wholesale prices, and on whether global oil prices keep easing. Any rebound in crude or weakening of the naira could reverse the trend.
Sources: Legit.ng, Naija News, PetroleumPriceNG, MEMAN.
