LAGOS, NIGERIA — Despite the Dangote Petroleum Refinery’s recent reduction of its ex-depot petrol price by N100 to N1,075 per litre, the product continues to sell for as high as N1,300 per litre at retail filling stations across the country, leaving many Nigerians questioning where the promised relief has gone .
Checks by our correspondents on Thursday revealed a wide disparity between the refinery’s gantry price and what consumers pay at the pump, with independent marketers citing high landing costs, distribution challenges, and lingering effects of the Middle East war as reasons for the persistent high prices .
In Abuja, petrol was sold at between N1,200 and N1,300 per litre at major independent outlets, while some stations under the Nigerian National Petroleum Company Limited (NNPCL) dispensed at slightly lower rates of N1,150 to N1,200 per litre . In Lagos, prices ranged from N1,180 to N1,280 per litre, with the cheapest options available only at a few major marketer outlets .
In northern states like Kano, Kaduna, and Gombe, independent marketers sold petrol at between N1,250 and N1,350 per litre, citing higher transportation costs and scarcity of product from depots .
The situation has frustrated motorists and transporters, who had hoped the Dangote price cut would translate into immediate relief at the pumps following weeks of skyrocketing fuel costs triggered by the Middle East conflict .
“We heard Dangote reduced price, but here in Abuja, we are still buying at N1,300. When will this suffering end?” lamented Kabiru Musa, a commercial bus driver in Kubwa .
Industry experts explain that the delay in price transmission is due to several factors. Marketers are still selling products purchased at higher ex-depot rates before the cut, while new stock at reduced prices is yet to circulate widely. Additionally, the disruption of shipping through the Strait of Hormuz continues to affect global supply chains and shipping costs, putting upward pressure on retail margins .
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, confirmed that while the ex-depot price reduction is a welcome development, its impact at the retail level would take time to materialize as existing stocks are exhausted .
“We hope the reduction will reflect in the pump as soon as marketers begin buying new products at the lower price. But currently, many are still selling old stock purchased at higher rates,” Gillis-Harry explained .
Meanwhile, oil prices have retreated slightly from recent highs on signals that the Middle East conflict may de-escalate, but the situation remains volatile .
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