Business
Depot Owners Cut Petrol Price to Match Dangote Rate
Depot owners petrol price cut sees major suppliers reduce ex-depot rates to ₦1,075 per litre, matching Dangote Refinery’s latest fuel price
Petroleum depot owners in Nigeria reduced their petrol ex-depot prices to ₦1,075 per litre on Friday, 10 July 2026, matching the rate announced by Dangote Refinery as competition intensifies in the downstream oil market.
Also read: ExxonMobil Under Fire Over Delayed $1bn Usan Oil Field Development
Checks showed that major operators, including Heyden, Pinnacle, Ardova and Sahara, adjusted their petrol prices from as high as ₦1,095 per litre to the new ₦1,075 rate.
The latest depot owners petrol price cut came two days after Dangote Refinery announced that it would supply petrol at ₦1,075 per litre while offering free delivery to five states and the Federal Capital Territory.
The move has increased pressure on other fuel suppliers to align their prices as businesses compete for market share and consumers seek relief from high energy costs.
Industry watchers said Dangote Refinery could further reduce its gantry price below ₦1,075 per litre in response to the adjustment by depot operators, potentially triggering another round of price competition.
The development follows a broader decline in petrol prices over the past month, with Dangote Refinery and depot owners reducing rates by at least ₦120 per litre, a change that has contributed to lower pump prices in some locations.
The fuel market adjustment comes amid changes in global crude oil prices, which rose earlier in the week before easing on Thursday despite renewed tensions in the Middle East following the collapse of a ceasefire agreement between the United States and Iran.
New York Federal Reserve Bank President John Williams said energy prices were expected to remain lower despite geopolitical concerns affecting the oil market.
Also read: ExxonMobil Under Fire Over Delayed $1bn Usan Oil Field Development
The latest price reductions are expected to influence retail petrol prices as marketers adjust to the changing cost structure across Nigeria’s downstream petroleum sector.
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