According to a report by DAILY POST on Thursday 6 August 2026; Nigerians could soon pay less for petrol and diesel after Dangote Refinery announced another reduction in its ex-depot prices, a move expected to lower pump prices across the country in the coming days.
The refinery reduced the gantry price of Premium Motor Spirit (PMS), also known as petrol, by N50 per litre, bringing the new ex-depot price to N1,165 per litre. It also cut the price of Automotive Gas Oil (AGO), commonly known as diesel, by N80 per litre, lowering it to N1,570 per litre.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said consumers should begin to see the effect of the price adjustment once marketers start lifting products under the new pricing arrangement.
According to him, filling stations are likely to review their retail prices downward by the weekend or early next week as fresh supplies enter the market.
A manager at an MRS filling station in Abuja, who declined to be identified, also indicated that the outlet is considering reducing its petrol pump price from N1,265 per litre to N1,215 per litre once it receives products purchased at the revised rate.
At present, petrol is sold between N1,265 and N1,310 per litre in Abuja and surrounding areas, while diesel sells for between N1,700 and N1,800 per litre, depending on the location and retailer.
The latest adjustment comes as global crude oil prices continue to fluctuate; Brent crude was trading at about $79 per barrel, while West Texas Intermediate (WTI) stood at around $74 per barrel; The decline has been linked to speculation over a possible agreement between Iran and the United States regarding the Strait of Hormuz, a key global oil transit route.
Market observers believe the latest reduction by Dangote Refinery could trigger lower fuel prices nationwide, offering some relief to motorists, transport operators, businesses, and households struggling with rising energy costs.
SOURCE: RayTV
