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Barely two weeks after the Dangote Petroleum Refinery slashed its petrol price to N1,165, the refinery yesterday, raised its petrol gantry price by N20 per litre, to N1,185, effective midnight on August 21, 2026.
The latest price review, according to Petroleumprice.ng, an online petroleum products trading platform comes as competition among fuel suppliers continues to reshape the Lagos depot market, with Dangote’s new price still below the prevailing rates at several independent depots.
At N1,185 per litre, Dangote’s petrol remains N15 cheaper than the N1,200 being quoted at Integrated Oil and Gas, African Terminals and Nipco, while Pinnacle Oil and Gas is selling at N1,190.
More importantly, the new price remains below the current import-related benchmark. The Major Energy Marketers Association of Nigeria (MEMAN) puts petrol landing cost at about N1,218 per litre, meaning Dangote’s revised gantry price is still N33 below the cost of importing the product.
On August 6, the refinery reduced its PMS ex-depot price from N1,215 to N1,165 per litre, representing a N50 cut. Even with Thursday’s N20 increase, the new price remains N30 per litre below the N1,215 level that prevailed before the August reduction.
The August reduction had triggered expectations of cheaper petrol at filling stations, but the response at the retail end was uneven.
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Checks in Lagos after the cut showed several filling stations continuing to sell petrol at between N1,240 and N1,260 per litre, raising fresh questions about how quickly changes in refinery and depot prices are transmitted to consumers.
The latest development also comes against a backdrop of increasing competition in the Lagos bulk market.
As of mid-August, several depots had lowered their PMS prices, with Dangote selling around N1,166 per litre, MRS at N1,167, 11 PLC and Nipco at N1,170, while a number of other depots were quoting around N1,180.
This narrowing of price differences is significant because Dangote’s entry into the domestic fuels market has fundamentally altered the competitive dynamics of Nigeria’s downstream petroleum industry. Rather than simply competing with imported products, the refinery is increasingly competing directly with independent depots and other suppliers for the same pool of marketers.
For consumers, however, the key question remains whether movements in depot prices will translate into corresponding changes at the pump. A lower gantry price does not automatically determine the final retail price, which also reflects transportation, logistics, dealer margins and other operating costs.
The refinery’s latest adjustment also comes as it assumes a more dominant position in Nigeria’s petroleum supply chain. Dangote’s 650,000 barrels-per-day facility is already supplying a substantial share of the country’s refined fuel requirements, while the company is pursuing plans to expand capacity to about 1.4 million barrels per day within three years.
