Dangote Cuts Petrol Price by N25, Depots Release New Rates

• Dangote Refinery dropped its petrol price by N25 per litre just nine days after raising it by N85
• Coastal depots in Warri, Port Harcourt and Calabar moved their prices closer to the refinery's new benchmark
• The price shift follows a retreat in global crude oil prices tied to US-Iran diplomatic developments

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Dangote Petroleum Refinery has reduced the price of Premium Motor Spirit at its ex-gantry by N25, bringing the new rate to N1,325 per litre.

The cut comes only nine days after the refinery raised its price by N85 on September 12, 2026, when it moved from N1,265 to N1,350 per litre.

The latest reduction reverses part of that earlier hike, leaving the current price N60 above where it stood before the September 12 adjustment.

Pressure on international oil markets eased following renewed expectations of diplomatic talks between the United States and Iran.

Brent crude fell 3.34% to $100.40 per barrel, while West Texas Intermediate dropped 3.83% to $92.40 per barrel at the latest market update.

The retreat in global crude prices contributed to Dangote's decision to cut its domestic petrol benchmark.

Coastal depot prices follow Dangote's lead

Data from energy publication Petroleumprice.ng showed that depots across major port cities adjusted their prices on Monday in line with Dangote's revised rate.

In Warri, Keonamex, Sharon and Prudent depots all quoted N1,330 per litre. Masters and TSL depots in Port Harcourt matched that figure at N1,330.

Depots in Calabar, including Alkanes, Mainland and Sobaz, came in slightly lower at N1,327 per litre.

Lagos remained the outlier, with Integrated and Ascon depots quoting N1,351 per litre, N26 above Dangote's new ex-gantry price.

Most monitored coastal depots are now within N2 to N5 of Dangote's N1,325 benchmark, reflecting how closely wholesale depot prices track the refinery's rate.

The wider gap seen in Lagos suggests that local supply conditions and logistics costs continue to influence prices differently across regions.

Going forward, global crude movements, domestic supply volumes and competition among refiners and marketers are expected to remain key drivers of petrol prices in Nigeria's retail and wholesale markets.

Marketers predict new petrol prices, give reasons

Earlier, Legit.ng reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said petrol prices in the country are likely to drop further in the days and weeks ahead as a result of the recent dip in international crude oil prices.

The IPMAN official said many filling stations are yet to reduce prices below N1,300 per litre because they are still managing old stock purchased at higher rates.

He explained that immediate price cuts could lead to losses for marketers still holding expensive inventory.