By Spotlight African Reporters | Abuja
September 23, 2026
The Dangote Petroleum Refinery and several petroleum marketers have reduced the prices of Premium Motor Spirit (PMS), commonly known as petrol, across major Nigerian depots following a decline in international crude oil prices.
The latest reductions were recorded in Lagos, Port Harcourt, Calabar and Warri, with the biggest adjustment reported in Lagos. According to the latest depot price data, several operators reduced their petrol prices by between ₦20 and ₦25 per litre.
Dangote cuts petrol price to ₦1,325
The Dangote Petroleum Refinery reduced its petrol price from ₦1,350 to ₦1,325 per litre, representing a ₦25 reduction.
Other Lagos-based operators also adjusted their prices. Ascon, Integrated, Pinnacle and Sahara reportedly reduced their rates by about ₦24 per litre, while MRS reduced its price by ₦20 to ₦1,332 per litre.
Prices fall across other cities
In Port Harcourt, Masters reduced its petrol price to ₦1,328 per litre, while Stockgap cut its rate to ₦1,323.
In Calabar, Mainland reduced its price by ₦7 to ₦1,320 per litre, while Alkanes reduced its price to ₦1,325.
Some marketers in Warri also announced reductions, although price movements varied between operators.
Crude oil prices retreat
The petrol price reductions came as international crude prices declined. Brent crude fell below the $100-per-barrel mark, while West Texas Intermediate (WTI) also recorded a significant decline.
Reuters reported that Brent fell by about 3.4 per cent to $100.34 per barrel, while WTI declined by 4.51 per cent to $95.78 amid expectations of renewed diplomatic engagement between the United States and Iran and signs of improving oil supply flows.
More recent market reports put Brent below $100, with prices responding to expectations of increased Middle East supply.
Pump prices may take time to adjust
Despite the reductions at the depot level, retail petrol prices may not immediately fall by the same amount at filling stations.
Market reports indicate that petrol prices vary by location because of transportation costs, existing inventories and individual marketers' margins. Recent checks in Abuja, for example, found some filling stations still selling petrol at prices as high as ₦1,430 per litre despite Dangote's latest wholesale reduction.
The latest development means motorists and consumers will be watching closely to see whether the lower depot prices translate into broader reductions at filling stations across the country.
Stay connected to Spotlight African Reporters for verified updates on petrol prices, the economy and major breaking news.
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