This price reduction has instigated minor price competition among local fuel suppliers in Nigeria, offering consumers some relief even as domestic diesel costs escalate and global oil markets experience sudden fluctuations.
The massive refinery trimmed its ex-depot petrol price by ₦1, bringing it down to ₦1,075 per litre from the old price of ₦1,076 per litre.
Local market response and diesel hikes
Dangote’s price change has forced other major oil marketers in Lagos to lower their prices slightly to stay competitive.
MRS Oil Nigeria led the way by cutting its depot price by ₦2 to ₦1,074 per litre from the old price of ₦1,076 per litre, making it one of the cheapest options in the city.
While a few suppliers in Lagos and Warri dropped their rates by ₦1 or ₦2, other major companies like NIPCO, Sahara Energy, and Aiteo kept their prices steady.
Right now, most petrol prices at Lagos depots are stable, staying between ₦1,074 and ₦1,075 per litre.
This adjustment in fuel pricing occurs despite the resurgence of hostilities in the Middle East, a conflict anticipated to influence global energy markets.
Dangote’s price change has forced other major oil marketers in Lagos to lower their prices slightly to stay competitive.
MRS Oil Nigeria led the way by cutting its depot price by ₦2 to ₦1,074 per litre from the old price of ₦1,076 per litre, making it one of the cheapest options in the city.
While a few suppliers in Lagos and Warri dropped their rates by ₦1 or ₦2, other major companies like NIPCO, Sahara Energy, and Aiteo kept their prices steady.
Right now, most petrol prices at Lagos depots are stable, staying between ₦1,074 and ₦1,075 per litre.
This adjustment in fuel pricing occurs despite the resurgence of hostilities in the Middle East, a conflict anticipated to influence global energy markets.
Trump ends Iran ceasefire, spiking global oil prices
Per recent reports, International oil prices jumped by over 7% in a single day after U.S. President Donald Trump announced on Wednesday, July 8, 2026, that America's temporary ceasefire with Iran is officially "over."
According to global trading platforms like Oilprice.com, this caused immediate worries that global oil supplies might run low, pushing the price of international unrefined petroleum on the global commodities exchange up sharply from its previous $72 to nearly $80 a barrel.
Experts warn that if these global tensions keep driving unrefined petroleum prices upward, the cost of raw oil input will become much higher.
This could eventually force fuel prices back up across Nigeria, potentially ending the local price cuts.
Per recent reports, International oil prices jumped by over 7% in a single day after U.S. President Donald Trump announced on Wednesday, July 8, 2026, that America's temporary ceasefire with Iran is officially "over."
According to global trading platforms like Oilprice.com, this caused immediate worries that global oil supplies might run low, pushing the price of international unrefined petroleum on the global commodities exchange up sharply from its previous $72 to nearly $80 a barrel.
Experts warn that if these global tensions keep driving unrefined petroleum prices upward, the cost of raw oil input will become much higher.
This could eventually force fuel prices back up across Nigeria, potentially ending the local price cuts.
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