Private depot operators in Lagos have reduced Premium Motor Spirit (PMS), also known as petrol, to ₦1,249 per litre, slightly below Dangote Petroleum Refinery’s ₦1,250 per litre gantry price, according to market checks by Petroleumprice.ng on June 3, 2026.
The latest data shows that Bono, Ascon, Integrated, African Terminal and Aiteo all adjusted their loading rates to ₦1,249 per litre, creating a one-naira gap beneath the refinery’s benchmark ex-depot price.
The uniform adjustment reflects heightened competition in Lagos’ downstream market, where depot operators are increasingly reacting to small price differentials to secure marketer patronage.
Dangote Refinery’s ₦1,250 per litre gantry price remains a key reference in the deregulated market, but recent movements suggest private depots are now actively undercutting the benchmark in a tightening pricing environment.
Market participants note that marketers are highly sensitive to marginal price gaps, often shifting purchases based on the lowest available depot rate, a dynamic that continues to shape pricing strategies across the sector.
The latest trend is expected to keep pressure on benchmark prices, with market expectations that Dangote Refinery may review its gantry price if competing depots sustain lower rates.
Analysts say the development reflects an increasingly fluid price discovery process under deregulation, driven by competition, supply adjustments and diversified sourcing options in the downstream market.
With depots now pricing slightly below the refinery, the market is entering a more competitive phase that could trigger further adjustments in the near term.