The Dangote petrol price cut continued this week, as the refinery trimmed its ex-depot rate for Premium Motor Spirit by ₦1 per litre on Wednesday. However, diesel told a different story entirely, since prices climbed sharply across several depots in Lagos, painting a mixed picture of Nigeria’s downstream petroleum market right now.
According to the latest mid-day depot price report, Dangote lowered its petrol loading price to ₦1,075 per litre, down from ₦1,076. This move places the refinery among a small group of marketers who chose to shave prices slightly in order to stay competitive. Meanwhile, MRS Oil Nigeria went even further, cutting its depot price by ₦2 per litre to ₦1,074, which currently makes it one of the cheapest suppliers in the Lagos market.
What’s Driving the Dangote Petrol Price Cut Despite Rising Crude
Interestingly, this price reduction comes even as global crude oil prices surged unexpectedly on Wednesday. Brent crude, the international benchmark, jumped by $5.43, or 7.32 percent, reaching $79.59 per barrel. Similarly, West Texas Intermediate gained $4.78, climbing 6.79 percent to $75.22 per barrel. Analysts link this spike to heightened geopolitical tensions and expectations of tighter global supply.
Given this upward pressure on crude, further increases in Nigerian petroleum product prices could follow if the trend continues. For now, though, most major marketers, including NIPCO, Sahara Energy, Aiteo, and African Terminal, held their previous petrol prices steady, which suggests the wholesale petrol segment remains relatively calm despite growing competition.
Across Lagos specifically, depot prices for petrol stayed within a narrow band, ranging between ₦1,074 and ₦1,075 per litre. Therefore, while individual marketers adjusted slightly, the overall wholesale market has remained fairly stable, even as international crude prices moved unpredictably.
Diesel Prices Rise Sharply Across Lagos Depots
Unlike petrol, diesel prices told a very different story this week. African Terminal raised its diesel price from ₦1,410 to ₦1,450 per litre, marking a notable jump. Meanwhile, Duport, Ibachem, Ibeto, and T-Time all implemented similarly steep increases, pushing their prices up by ₦40 per litre to match African Terminal’s new rate.
Outside Lagos, however, the picture shifted again. In Port Harcourt, diesel prices actually dropped rather than climbed. Matrix Depot reduced its AGO price by ₦50 per litre, moving from ₦1,550 down to ₦1,500, which offers welcome relief for industrial users and transport operators in that region. Sigmund also lowered its diesel price slightly, cutting ₦3 per litre to reach ₦1,460.
Petrol prices in Port Harcourt, meanwhile, held steady, with Matrix maintaining its rate at ₦1,100 per litre throughout the week.
Regional Price Differences Emerge Across Nigeria
Beyond Lagos and Port Harcourt, other regions saw their own distinct trends. In Warri, competitive pressure pushed petrol prices down slightly. Both Nepal and Optima reduced their prices by ₦2 per litre to ₦1,083, while Parker cut its price by ₦1 to reach ₦1,084. Other marketers in the area, including Matrix, Rain Oil, Prudent, and A.Y.M Shafa, kept their prices unchanged at ₦1,085 per litre.
On the diesel side in Warri, though, Prudent raised its price sharply, adding ₦70 per litre to move from ₦1,480 to ₦1,550. A.Y.M Shafa, by contrast, held its diesel price steady at ₦1,435 per litre.
Further afield in Calabar, Soroman kept its petrol price unchanged at ₦1,100 per litre. Fynfield, however, increased its diesel price by ₦30 per litre, from ₦1,450 up to ₦1,480, adding to the broader pattern of rising diesel costs nationwide.
What This Means for Nigerian Consumers and Businesses
Taken together, these figures show a downstream market moving in two different directions simultaneously. While petrol prices generally held steady or dipped slightly thanks to competitive pressure from Dangote and other marketers, diesel costs climbed in most regions, squeezing businesses that depend heavily on the fuel for transport, generators, and heavy machinery.
Since diesel powers much of Nigeria’s logistics and manufacturing sector, these increases could eventually ripple through to consumer prices for goods and services. Therefore, businesses monitoring fuel costs closely will likely need to factor in this diesel volatility when planning their operations over the coming weeks.
For now, the Dangote petrol price cut offers modest relief at the pump, even as rising crude oil prices globally suggest further shifts could be on the horizon. Nigerians can track ongoing changes through official reports from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which monitors pricing trends across the country’s depots.
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