Dangote Refinery Reduces Petrol Cost, Diesel Prices Climb

Nigeria's downstream petroleum sector is experiencing mixed trends as the Dangote Petroleum Refinery announced a marginal reduction in its ex-depot price for Premium Motor Spirit (PMS), commonly known as petrol, by N1 per litre. This move, effective Wednesday, July 9, 2026, contrasts sharply with the widespread increases observed in diesel prices across numerous depots in Lagos.

Simultaneously, the international crude oil market witnessed a significant surge on Wednesday. Brent crude, the global benchmark, climbed close to the $80 per barrel mark, signaling renewed strength. This spike is attributed to heightened geopolitical tensions and expectations of tighter global supply. Market data revealed Brent crude rose by $5.43, or 7.32 percent, reaching $79.59 per barrel, while West Texas Intermediate (WTI) gained $4.78, or 6.79 percent, to settle at $75.22 per barrel. Such upward movements in crude oil prices suggest a potential future increase in local petroleum product costs.

The latest mid-day depot price report indicated that Dangote adjusted its petrol loading price from N1,076 to N1,075 per litre. This positions the refinery among a few marketers that have slightly lowered prices to maintain competitiveness. MRS Oil Nigeria also implemented a N2 per litre reduction, bringing its petrol depot price down from N1,076 to N1,074 per litre, making it one of the most affordable suppliers in the Lagos market.

However, the majority of other prominent marketers, including NIPCO, Sahara Energy, Aiteo, and African Terminal, opted to maintain their existing petrol prices. This indicates a degree of stability within the petrol segment despite the growing competition among suppliers. Across Lagos, wholesale petrol prices largely remained within a tight range of N1,074 to N1,075 per litre, showcasing a stable market regardless of international crude oil price fluctuations.

In stark contrast to petrol, the diesel market in Lagos recorded widespread price hikes. African Terminal raised its diesel price from N1,410 to N1,450 per litre. Similarly, Duport, Ibachem, Ibeto, and T-Time all implemented N40 per litre increases, pushing their prices to N1,450.

Moving outside Lagos, the Port Harcourt market presented a different picture with notable reductions in diesel prices. Matrix Depot decreased its Automotive Gas Oil (AGO) price by N50 per litre, from N1,550 to N1,500, offering some relief to industrial and transport sectors. Sigmund also adjusted its diesel price downward by N3 per litre, moving from N1,463 to N1,460. Petrol prices in Port Harcourt, however, remained stable, with Matrix maintaining its PMS price at N1,100 per litre.

In Warri, competitive pressures also led to slight reductions in petrol prices. Nepal and Optima each lowered their petrol prices by N2 per litre to N1,083, while Parker reduced its price by N1 to N1,084. Other marketers such as Matrix, Rain Oil, Prudent, and A.Y.M Shafa kept their prices steady at N1,085 per litre. For diesel in Warri, Prudent sharply increased its price by N70 per litre, from N1,480 to N1,550, while A.Y.M Shafa maintained its diesel price at N1,435 per litre.

Finally, in Calabar, Soroman held its PMS price constant at N1,100 per litre. Fynfield, however, increased its diesel price by N30 per litre, from N1,450 to N1,480.