Dangote cuts petrol price to ₦1,290 as marketers adjust rates

Dangote Petroleum Refinery has reduced its petrol depot price to ₦1,290 per litre, emerging as the cheapest supplier among major depot operators reviewed in Lagos.

The reduction, which represents an ₦18 cut from the previous price of ₦1,308 per litre, was reflected in depot price data for Thursday, October 29, 2026.

The adjustment comes as other major petroleum marketers also lower their prices, intensifying competition in Nigeria’s downstream oil sector.

Pinnacle and Rainoil reduced their petrol prices by ₦20 each, bringing their rates down from ₦1,320 to ₦1,300 per litre.

MRS also reduced its price by ₦14 to ₦1,310 per litre, while NIPCO lowered its rate by ₦10 to the same amount.

African Terminal adjusted its price downward by ₦12 to ₦1,307 per litre. Aiteo, however, maintained its previous rate of ₦1,317.

The new figures put Dangote Refinery ₦10 below Pinnacle and Rainoil, while its product is ₦20 cheaper than petrol supplied by MRS and NIPCO at the depot level.

The downward adjustments were not limited to Lagos, as depot operators in Port Harcourt and Calabar also reviewed their prices.

In Port Harcourt, Bulk Strategic and Masters reduced their petrol prices by ₦8 each to ₦1,325 per litre.

Matrix also lowered its rate by ₦7, from ₦1,335 to ₦1,328, while T.S.L maintained its price at ₦1,325 per litre.

In Calabar, Matrix reduced its price by ₦6 to ₦1,332 per litre, while Northwest lowered its rate by ₦5 to ₦1,335.

Soroman maintained its price at ₦1,330 per litre.

Across the three locations, Dangote Refinery recorded the lowest listed depot price at ₦1,290 per litre, while Northwest in Calabar had the highest at ₦1,335.

Will motorists pay less at filling stations? The latest reductions could create room for cheaper petrol at filling stations if marketers pass the savings on to consumers.

Depot prices are different from retail pump prices, as transportation expenses, distribution costs and individual retailers’ profit margins influence what motorists eventually pay.

The growing price competition among depot operators could put further pressure on suppliers to offer more competitive rates as they seek to retain customers in Nigeria’s deregulated petroleum market.