Some filling stations along the Lagos-Ibadan Expressway and in other locations across Lagos and Ogun states have reduced petrol prices below N1,300 per litre.

This follows a price cut announced by the Dangote Petroleum Refinery on Sunday.

The refinery adjusted its ex-depot gantry price of petrol down to N1,250 per litre from N1,275 per litre, while also slashing the price of diesel to N1,700 per litre from N1,800 per litre.

According to Dangote officials, the price review reflects a recent decline in global oil prices and reinforces the company’s commitment to making refined products more affordable while providing cost relief to Nigerian consumers and businesses.

Following the announcement, observations across the Mowe/Ibafo axis of the Lagos-Ibadan Expressway in Ogun State showed that several independent marketers immediately adjusted their pumps. For instance, MRS filling stations reduced their petrol pump price to N1,286 per litre, NIPCO and Heyden retailed the product at N1,290 per litre, and SGR adjusted its price to N1,297 per litre.

Reductions were also recorded in the diesel market, with many filling stations dropping their prices to N1,800 per litre from the previous N1,900 per litre.

Despite these downward adjustments, many retail outlets still sell petrol above the N1,300 mark. Outlets operated by the Nigerian National Petroleum Company Limited (NNPC) in Ibafo adjusted their pumps to N1,305 per litre, while Mobil and Asharami sold the product at N1,310 and N1,320 per litre, respectively.

The overall price drop comes after a prolonged period of high fuel costs in Nigeria, which saw petrol skyrocket from N830 per litre to over N1,300 after global crude oil climbed past $115 per barrel due to tensions between the United States and Iran.

Barely 24 hours after announcing a reduction in the price of premium motor spirit (PMS), commonly known as petrol, Dangote Refinery has adjusted its ex-depot price upward, joining several other fuel depot operators in responding to renewed volatility in the global oil market.

The latest development comes after the refinery had cut petrol prices twice within two days, lowering its ex-depot rate from N1,275 per litre to N1,250 per litre.

However, fresh market data now indicates a reversal of that trend as rising crude oil prices continue to influence domestic fuel pricing.

Industry observers attribute the latest increase to growing uncertainty in the international energy market, particularly concerns surrounding the Strait of Hormuz, a critical shipping route for global oil supplies.

Data from PetroleumPriceNG shows that Dangote Refinery increased its petrol price by 0.46 per cent to N1,256 per litre, up from N1,250 per litre announced earlier.

The refinery’s adjustment was mirrored by several major depot operators across the country. According to the data, AIPEC raised its petrol price to N1,252 per litre, while Ardova also fixed its rate at N1,252 per litre. Bulk Strategic and Liquid Bulk both increased their prices to N1,285 per litre.

The coordinated adjustments reflect growing concerns among marketers and depot operators over the rising cost of crude oil and the need to manage pricing risks.

The Dangote Petroleum Refinery has announced a decrease in the ex-depot price of Premium Motor Spirit (PMS), widely known as petrol, from N1,275 to N1,250 per litre.

This adjustment, reflecting a reduction of N25 per litre, comes in the wake of a continued decline in international crude oil prices.

This price cut is anticipated to alleviate some financial pressure on marketers and may influence retail pump prices nationwide if the savings are transferred to consumers.

According to sources familiar with the situation, the refinery has updated its pricing strategy in response to evolving market dynamics.

This reduction is indicative of the lower cost of crude oil, which is the primary input for petrol refining. A spokesperson from the refinery noted that this price adjustment aligns with the principles of a deregulated petroleum market, where product prices are expected to fluctuate based on changes in global oil prices.

“It is true that we have adjusted the gantry price of petrol due to the reduction in crude oil prices, which is our major feedstock. In a deregulated market, such adjustments should be expected,” the official said.

He added: “We are still monitoring developments and will continue to adjust prices in line with market realities.”

Despite the reduction at the refinery gate, checks indicate that retail prices have remained largely unchanged in many parts of the country. Several filling stations are still dispensing petrol at prices above N1,350 per litre, with rates varying depending on location, transportation costs and individual marketers.

Industry observers say the gap between ex-depot and retail prices may persist for some time as marketers work through existing stock purchased at higher rates before implementing any fresh pricing changes.

The latest cut comes as competition continues to grow within Nigeria’s downstream petroleum sector following the removal of fuel subsidies and the full deregulation of the market. Operators have increasingly adjusted prices in response to shifts in crude oil costs, foreign exchange movements and supply conditions.Nigerian business directory

Meanwhile, the refinery has continued to position itself as a major contributor to Nigeria’s economic recovery and energy security efforts.

The company recently highlighted its role in strengthening the country’s economic outlook following an upgrade of Nigeria’s sovereign credit rating by S&P Global Ratings.

According to the refinery, the rating agency cited stronger economic performance, improved external balances, rising oil production and increased domestic refining capacity among the factors supporting the country’s recovery.

The refinery noted that its operations have significantly reduced Nigeria’s dependence on imported petroleum products while improving foreign exchange conservation.

It also pointed to the gradual ramp-up of its 650,000 barrels-per-day refining complex, which is now operating close to full capacity.

The company said the facility has become a key part of Nigeria’s industrial and economic landscape, helping to boost domestic supply of refined products and improve the country’s balance of payments position.