Key Takeaways

• The Dangote Petroleum Refinery has reduced its ex-gantry petrol price by ₦25 per litre, bringing it down to ₦1,325.
• The reduction comes just nine days after the refinery raised its benchmark by ₦85, from ₦1,265 to ₦1,350 per litre.
• The latest adjustment comes amid a decline in international crude oil prices.
• Petrol prices at several coastal depots have moved close to Dangote’s new benchmark, although some Lagos depots remain significantly higher.
• The latest development could influence wholesale petrol pricing as marketers adjust to the refinery’s new benchmark.

Dangote Refinery Lowers New Petrol Benchmark

The Dangote Petroleum Refinery has cut its ex-gantry price for Premium Motor Spirit, commonly known as petrol, by ₦25 per litre, setting its latest benchmark at ₦1,325 per litre.

The reduction represents a reversal of part of the refinery’s most recent price increase, which had taken its petrol price to ₦1,350 per litre.

Dangote’s latest adjustment comes only nine days after that increase, bringing renewed attention to the relationship between international crude prices and domestic petrol pricing.

From ₦1,265 to ₦1,350 — and Now ₦1,325

The latest movement follows the refinery’s decision on September 12 to raise its petrol price from ₦1,265 to ₦1,350 per litre.

That earlier ₦85 increase was reflected in wholesale prices at several coastal depots as marketers adjusted their rates around the new refinery benchmark.

The subsequent ₦25 reduction means Dangote’s current ex-gantry price is now ₦25 below the September 12 level, although it remains ₦60 above the ₦1,265 benchmark that preceded the earlier increase.

This latest change therefore represents a partial reversal rather than a return to the previous price.

Falling Crude Prices Provide Market Context

The movement in international crude oil prices provides important context for the latest petrol-price adjustment.

At the latest market update contained in the report, Brent crude was trading at $100.40 per barrel, representing a decline of 3.34 per cent, while West Texas Intermediate stood at $92.40 per barrel, down 3.83 per cent.

Lower crude prices can alter the cost environment surrounding petroleum products, making international oil-market movements an important factor to watch when assessing changes in domestic fuel pricing.

The report also linked the recent decline in crude prices to renewed expectations of diplomatic engagement between the United States and Iran, which eased some of the pressure that had been supporting crude prices.

The geopolitical development is therefore relevant as part of the wider international market backdrop, rather than as a direct domestic pricing decision.

Coastal Depot Prices Move Closer to Dangote’s Benchmark

The effect of Dangote’s latest adjustment is already visible in wholesale pricing at several monitored coastal depots.

Data obtained from Petroleumprice.ng showed that some depots in Warri and Port Harcourt were selling petrol at about ₦1,330 per litre, while some depots in Calabar were quoting around ₦1,327 per litre.

In Warri, Keonamex, Sharon and Prudent depots were listed at ₦1,330 per litre.

In Port Harcourt, Masters and TSL also quoted ₦1,330 per litre.

Meanwhile, Alkanes, Mainland and Sobaz depots in Calabar were selling at approximately ₦1,327 per litre.

The figures place several of these coastal depot prices only a few naira above Dangote’s new ₦1,325 ex-gantry benchmark.

Lagos, however, remained an exception in the reported figures, with Integrated and Ascon depots quoting ₦1,351 per litre.

That means the reported Lagos prices were about ₦26 above Dangote’s latest benchmark, compared with the much narrower differences recorded in Warri, Port Harcourt and Calabar.

What the Price Gap Means for the Fuel Market

The different depot prices show that Dangote’s ex-gantry price does not automatically translate into one uniform wholesale price across every location.

Transportation, depot-specific conditions and other market factors can contribute to differences between the refinery’s benchmark and prices quoted by individual depots.

Based on the figures in the report, most of the monitored coastal depots had moved within roughly ₦2 to ₦5 of Dangote’s ₦1,325 benchmark, while the cited Lagos depots remained considerably higher.

For marketers, the new benchmark provides another reference point for wholesale pricing. For consumers, however, the effect at filling stations cannot be determined solely from the refinery’s ex-gantry adjustment.

What Consumers and Marketers Should Watch

The latest development places the direction of crude oil prices back at the centre of attention for Nigeria’s petrol market.

If international oil prices continue to influence the cost environment facing refiners and marketers, further changes in wholesale petrol prices could depend partly on how the crude market develops.

However, the available figures do not establish that retail petrol prices nationwide have already fallen by ₦25 per litre.

The immediate development established by the report is the reduction in Dangote Refinery’s ex-gantry price, alongside movements recorded at selected coastal depots.

What Happens Next?

The key development to watch is whether other wholesale market prices continue moving towards Dangote’s new ₦1,325 benchmark.

The relationship between international crude prices, refinery pricing and depot rates will also remain important as marketers respond to changes in the petroleum market.

For now, Dangote’s latest adjustment has brought its petrol benchmark down from ₦1,350 to ₦1,325 per litre, while several monitored coastal depots have moved relatively close to the new refinery price.

Frequently Asked Questions

What is Dangote Refinery’s new petrol price?

Dangote Refinery’s latest ex-gantry price for petrol is ₦1,325 per litre.

How much did Dangote reduce petrol by?

The refinery reduced its petrol price by ₦25 per litre.

What was Dangote Refinery’s previous petrol price?

The previous price was ₦1,350 per litre, following an ₦85 increase from ₦1,265.

Why did Dangote Refinery reduce the petrol price?

The reduction came amid a decline in international crude oil prices. The report also linked the crude-price movement to renewed expectations of diplomatic engagement between the United States and Iran.

Are all petrol depots selling at ₦1,325 per litre?

No. The reported depot prices vary by location. Several coastal depots were around ₦1,327 to ₦1,330 per litre, while the cited Lagos depots were at ₦1,351.

Does Dangote’s price reduction mean petrol is now ₦1,325 at filling stations?

Not necessarily. ₦1,325 is Dangote Refinery’s ex-gantry price, while depot and retail prices can differ.

Conclusion

Dangote Refinery’s latest ₦25 per litre petrol-price reduction has brought its ex-gantry benchmark to ₦1,325, reversing part of the ₦85 increase announced earlier in September.

The adjustment comes against a backdrop of weaker international crude prices, while several monitored coastal depots have moved closer to the refinery’s new benchmark.

The next stage of the market movement will depend on how crude prices, refinery pricing and wholesale depot rates develop from here.

I deliberately did not claim that petrol prices have fallen nationwide, and I did not add an invented expert quotation or prediction. That keeps the reconstruction within the source material and the newsroom’s rules on uncertainty, evidence and economic interpretation.