- Private depot operators have lowered petrol prices in response to Dangote Refinery’s latest price cut
- The adjustments in the downstream market have now created competition and choices for marketers
- Several depots are now selling petrol at rates close to or even below Dangote’s revised price
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.
Private depots in Nigeria have followed Dangote Petroleum Refinery in lowering petrol prices on Monday, June 1, 2026.
The price cuts by operators range between N1 and N22/litre, depending on the location and volume.
Photo: Nurphoto
Source: Getty Images
Marketers challenge Dangote for customers
The latest move by depot owners has now fueled increased competition in the downstream oil industry for customers.
Data obtained from Petroluemprice.ng showed that several depots on Monday are currently selling PMS closer to or slightly lower than Dangote’s benchmark price.
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Over the weekend, Dangote Petroleum Refinery reduced its ex-depot petrol price to N1,250/litre from N1,275/litre. It slightly increased to N1,253.
The reduction is attributed to lower global crude prices and the need to remain competitive in the domestic market.
Depot petrol price reductions on Monday
- African Terminal cut price by N22 from previous N1,274 to new N1,252
- Aiteo cut N21 from N1,272 to N1,251
- NIPCO Plc reduced N20 from N1,272 to N1,252
- Pinnacle Oil cut N20 from N1,276 to N1,256
- Liquid Bulk Petroleum reduced N11 from N1,296 to N1,285
- Ascon Oil cut N22 from N1,274 to N1,252
- Bonny Oil cut N22 from N1,274 to N1,252
- Integrated Oil and Gas reduced N22 from N1,274 to N1,252
- Ardova Plc cut N1 from N1,252 to N1,251
- Dangote Petroleum Refinery reduced N25 from N1,275 to N1,250, although it slightly increased on Monday to N1,253
Other depots, including A.A. Rano, MRS Oil, Quest Petroleum, Techno Oil, and AIPEC, quote their prices mostly between N1,252 and N1,254 per litre.
Expert not happy with Dangote petrol cut
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Analysts believe that this recent price adjustment signals increased competition between Dangote Refinery and private depot operators in Nigeria’s increasingly deregulated downstream oil sector.
They state that the pricing at depots is now very sensitive to refinery actions, global crude price movements, and demand from fuel marketers.
However, experts also caution that despite these price reductions at depots, retail pump prices may not change significantly as marketers remain cautious to avoid losses from earlier purchases.
NNPC sells petrol at N1,320
Earlier, Legit.ng reported that New petrol prices have emerged at some Nigerian National Petroleum Company Limited (NNPC) retail outlets in Lagos as marketers adjust to lower ex-depot rates across key fuel supply hubs.
Over the weekend showed that at Egbeda and Ipaja, most across at NNPC filling stations are now selling below N1,320 official price to between N1,300 and N1,315 per litre.
At Egbeda bus stop, NNPC outlets pump is set at N1,300 per litre, while in Ipaja, it is sold at N1,315 per litre. These price reductions were observed at various stations.
Source: Legit.ng