Petrol Prices Fall: Marketers Cut Rates Below Dangote Refinery’s N1,300 Per Litre

• Petrol depots in Lagos and Port Harcourt cut prices to as low as ₦1,283 per litre, undercutting Dangote’s new rate
• Dangote Refinery introduced a fixed gantry price of ₦1,300 per litre to bring greater stability to petrol pricing
• Lower depot prices could ease costs for Nigerians, but transport expenses and existing stock may delay pump price cuts

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

Petrol marketers have begun cutting prices below Dangote Petroleum Refinery’s new ₦1,300-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 ₦17 per litre below the refinery’s official price.

The development signals renewed competition in Nigeria’s downstream petroleum sector as depot operators battle to attract buyers and maintain market share.

Marketers announce new petrol depot prices

According to the latest market figures, Masters depot in Port Harcourt offered the lowest listed petrol price at ₦1,283 per litre, representing a ₦17 difference from Dangote Refinery’s gantry rate, PetroleumPriceNG reports.

In Lagos, A.A. Rano listed petrol at ₦1,295 per litre, while another reviewed price indicated a further reduction to ₦1,293 per litre.

Similarly, Nipco adjusted its Lagos depot price to ₦1,290 per litre, placing it ₦10 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 ₦1,300 per litre, alongside a coastal lifting rate of ₦1,676,250 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 ₦1,283 to ₦1,295 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.

Depot owners release new rates nationwide

Legit.ng earlier reported that Nigeria’s downstream petroleum market is witnessing fresh competition as depot owners release new petrol prices across major cities, with Dangote Refinery maintaining a significantly lower ex-gantry price.

The latest figures show considerable differences between depot prices in Lagos, Warri, Calabar and Port Harcourt, raising questions about how the widening price gap could affect fuel marketers and motorists.