A wave of price reductions has swept across Nigeria’s fuel depots, offering a rare glimmer of relief in the downstream market despite surging global oil prices. The shift follows Dangote Petroleum Refinery’s decision to cut its gantry price from ₦1,275 to ₦1,200 per litre, a move now reshaping pricing dynamics across key supply hubs.
The development comes even as Brent crude climbed sharply to $113.1 per barrel, up 4.68%, highlighting a divergence between rising global oil prices and easing domestic depot rates driven by local refining capacity.
Findings across Lagos, Warri, Port Harcourt, and Calabar show that depot owners adjusted their prices downward between March 26 and March 27, 2026, reflecting the immediate impact of the refinery’s pricing strategy on the broader market.
In Lagos, Nipco reduced its price from ₦1,255 to ₦1,215 per litre, while Aiteo dropped from ₦1,265 to ₦1,215. Ardova recorded a more significant cut, falling from ₦1,265 to ₦1,215 per litre, underscoring growing competition among marketers.
The trend extended to Warri, where Parker lowered its price from ₦1,265 to ₦1,253, Zamson adjusted from ₦1,263 to ₦1,253, and Danmarna reduced from ₦1,265 to ₦1,255 per litre.
In Port Harcourt, Liquid Bulk dropped its price from ₦1,245 to ₦1,215, while Masters reduced from ₦1,240 to ₦1,210 per litre. Calabar recorded a more modest decline, with Fynefield adjusting from ₦1,240 to ₦1,230 per litre.
The coordinated price movement across depots highlights the growing influence of Dangote Refinery in shaping domestic fuel pricing, even as global benchmarks trend upward. Analysts say this reflects a shift towards local price discovery, reducing Nigeria’s exposure to international volatility.
While the reductions could ease pressure on supply costs and eventually reflect at the pump, stakeholders note that sustained relief will depend on logistics, exchange rate stability, and how long crude oil prices remain elevated in the global market.