Dangote Refinery don drop the ex-gantry cost of Premium Motor Spirit by N75 to N1,200 per litre. Dis one come as big relief to many Nigerians wey dey struggle with high fuel prices.
Only recently, the refinery had hinted at an increase in depot petrol prices to around N1,350 per litre, owing to global oil market strains. But in a letter signed by the management, the refinery debunked the hike, claiming that prices remained at the N1,275 per litre mark.
According to sources familiar with the situation, the 650,000-barrel-per-day refinery has again reduced the ex-gantry cost of petrol to N1,200 per litre. Dis na the most stable price mark since the refinery’s ongoing price fluctuations.
Meanwhile, Nigerian filling stations don also drop petrol prices to attract patronage. A fuel price market survey by Daily Post on Thursday showed that NIPCO, Eterna and Mobil filling stations in Abuja reduced their petrol prices to N1,350 per litre from between N1,365 and N1,370 per litre. Dis mean say the fuel retail outlets on Thursday cut prices by between N15 and N20 per litre.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike, confirm the petrol price adjustment. He explain say the decision by marketers to drop prices na competitive move to attract patronage. “Sometimes you have to pay the cost when people are not patronizing you, no matter how much value you buy. You lose some of your profits to see whether you can sell and have a return on investment,” he tell Daily Post.
Private depot owners dey lower fuel prices despite international crude oil prices remain high, sparking renewed competition for the downstream petroleum market. Brent crude and West Texas Intermediate dey trade at between $102 and $107 per barrel, placing upward pressure on refined products prices globally and influencing the movement of petrol and diesel for Nigeria despite an improved supply outlook domestically.
Despite available refining capacity locally with the Dangote Refinery‘s operationality, Nigerian depot prices continue to incorporate a mix of global crude oil trends and domestic supply conditions. The prices of petroleum products such as premium motor spirit, also known as petrol, and automotive gas oil, also called diesel, don dey witness fluctuations across depots with a sharp decline for several key locations.
Data from depots across Nigeria as of May 12, 2026, show a noticeable drop in AGO prices across depots for Lagos, Warri, and Port Harcourt. For Lagos, AGO price drop to N1,840 from N1,890 on May 11, demonstrating widespread downward movement for the area. Similar downward trends appear for Warri where First Fortune record a 33 reduction to N1,855 from N1,888 per litre on May 11. Danmarna‘s AGO price reduce from N1,890 to N1,855 on the same date, translating to a 35 loss per litre.
The drop for prices na more subtle for Port Harcourt, where Bulk Strategic drop prices by 10 to N1,895 from N1,905 per litre and Sigmund see AGO prices dip from N1,910 to N1,890 per litre. Dis indicate say current fuel price movements dey determined by readily available diesel supply and competitive depot pricing policies, not global crude oil trends.
The price of petrol also see downward price adjustments for depots across the nation. Dis price drop don occur despite strong performance for global crude oil benchmarks, with Brent and WTI exceeding $100 per barrel owing to global supply concerns. The relationship na unusual, as generally when crude prices increase, so do the prices of refined products, because import parity pricing and replacement pricing increase.
Nigerian National Petroleum Company Limited don increase the pump price of petrol for both Lagos and Abuja, citing higher supply costs for the downstream sector.
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