Dangote Refinery has announced further cut in the ex-depot price of its Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (diesel), signalling relief to consumers as competition intensifies in the domestic downstream petroleum market.
According to a post on the company’s social media handle on Wednesday, August 5, the refinery’s ex- gantry price of petrol has been reduced from ₦1,215 to ₦1,165 per litre, reflecting a ₦50 cut.
Also, the refinery reduced its diesel ex-depot price by ₦80 from ₦1,650 sold previously to ₦1,570 per litre.
The refinery says the price adjustment takes effect Thursday, August 6, 2026.
The latest price reduction comes as global crude oil prices dropped within the week following President Donald Trump’s announcement of plans for resumption of peace talks between the United States and Iran to end the war that has lingered for five months.
After the collapse of the ceasefire and the resumption of hostilities in the Middle East recently, oil prices rallied slightly above $100 per barrel. However, it has dropped below $80 on hopes of possible reopening of the Strait of Hormuz, a vital maritime route for global shipping of energy products. Brent Crude, the international benchmark, sold at $79.76 per barrel, while West Texas Intermediate (WTI) stood at $75.77 per barrel on Wednesday, August 5, 2026, according to oilprice.com.
Dangote Refinery reiterated its calls on large-scale marketers to take advantage of its free petrol delivery scheme, aimed at reducing the cost of logistics, and ultimately, the cost for consumers. It said the offer is available for marketers buying a minimum of 250,000 litres. It said the rollout of the first phase of the scheme is available in Lagos, Ogun, Rivers, Kaduna, Delta and Abuja, assuring that more states will be included soon.
Pinnacle Daily’s checks revealed that some depot owners still maintain prices above Dangote Refinery gantry price. Ardova, AA Rano and Lister sold at ₦1,216 per litre, while Aiteo offered petrol at ₦1,215 on August 5, 2026.
Meanwhile, a report by Major Energies Marketers Association of Nigeria (MEMAN) shows that the landing cost for imported petrol is lower than what is offered by Dangote Refinery. The MEMAN Competency Centre Energy Bulletin shows that the spot rate for petrol as of August 3, 2026, was ₦1,149.61 per litre.
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Earlier, the landing cost for imported petrol had risen above Dangote Refinery’s gantry price, but later dropped. Analysts note that the price changes for imported fuel are mostly driven by foreign exchange volatility.
The latest price drop is expected to affect pricing across the downstream petroleum sector, where marketers and depot operators have continued to alter ex-depot prices in reaction to shifting market conditions. The move is also likely to raise competitive pressure on private depot operators, whose petrol prices now stay above the refinery’s freshly announced ex-depot rate.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X