A wave of price cuts has swept across key petroleum depots in Nigeria, as traders hurriedly slash rates amid mounting fears of an imminent reduction in gantry prices by the Dangote Refinery. The sudden adjustment, most visible in Lagos the nation’s commercial hub signals growing anxiety among marketers keen to avoid potential losses in a rapidly shifting market.
Checks by Petroluemprice.ng shows that Premium Motor Spirit (PMS) prices have dropped to ₦1,270 per litre across several Lagos depots, including Bovas, A.A Rano, and Sahara. The current rate now falls slightly below Dangote Refinery’s prevailing ex-depot price of ₦1,275 per litre, underscoring the urgency with which traders are offloading stock.
A similar trend is observed in Calabar, where depots such as Alkanes and Soroman have aligned with the ₦1,270 per litre benchmark, reflecting a broader nationwide response to anticipated price movements.
In the diesel market, Automotive Gas Oil (AGO) prices have also taken a downward turn. Major Lagos depots, including Ibeto, Integrated, and African Terminal, are now selling at ₦1,620 per litre, while TMDK is slightly higher at ₦1,630, with Ibachem maintaining ₦1,620. These figures represent a sharp decline when compared to Dangote’s diesel price benchmark of ₦1,750 per litre.
Industry sources indicate that the aggressive price cuts are largely driven by market speculation rather than confirmed adjustments. Depot owners and bulk traders, particularly in Lagos, appear increasingly cautious, given their exposure to high-volume transactions. Any sudden price drop by Dangote Refinery could significantly erode margins, forcing many to sell quickly at reduced rates rather than risk holding expensive inventory.
The development highlights the growing influence of Dangote Refinery in shaping domestic fuel pricing dynamics. Even without an official announcement, expectations of a price review are already triggering reactions across the downstream sector.
For now, the market remains on edge, with traders watching closely for the refinery’s next move one that could further redefine pricing structures and intensify competition across Nigeria’s fuel supply chain.