Private depot operators in Nigeria have lowered petrol prices in response to Dangote Petroleum Refinery's recent price cuts, further intensifying competition in the downstream oil sector. On Monday, June 1, 2026, several depots reduced their ex-depot prices by between N1 and N22 per litre, depending on the operator and volume purchased.
Fuel Price War Intensifies Across Nigeria
Data from Petroleumprice.ng shows that many depots are now selling petrol at rates close to or even below Dangote's benchmark price. Over the weekend, Dangote Refinery reduced its ex-depot price to N1,250 per litre from N1,275, though it slightly increased to N1,253 on Monday. The reduction is attributed to lower global crude prices and the need to remain competitive.
Depot Price Reductions
- African Terminal: Cut N22 from N1,274 to 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 (later increased to N1,253)
Other depots, including A.A. Rano, MRS Oil, Quest Petroleum, Techno Oil, and AIPEC, quote prices mostly between N1,252 and N1,254 per litre.
Expert Analysis on Competition
Analysts believe the price adjustments signal increased competition between Dangote Refinery and private depot operators in Nigeria's deregulated downstream sector. Depot pricing is now highly sensitive to refinery actions, global crude movements, and marketer demand. However, experts caution that retail pump prices may not change significantly as marketers remain cautious to avoid losses from earlier purchases.
NNPC Petrol Prices
Earlier reports indicated that NNPC retail outlets in Lagos have adjusted prices downward. At Egbeda, NNPC pumps are set at N1,300 per litre, while in Ipaja, petrol sells at N1,315 per litre, below the official N1,320 price.
