Dangote remains cheapest as Aradel tops Nigeria’s depot petrol price chart
By Eyo Nsima
Aradel Petroleum Depot in Warri has emerged as the oil company with the highest depot price for Premium Motor Spirit (PMS), selling petrol at ₦1,210 per litre, despite the recent price reduction by Dangote Petroleum Refinery.
An analysis of the Daily Depot Price Intelligence Report for Thursday, July 2, 2026, shows a wide pricing gap across depots, with Dangote Refinery maintaining the country’s lowest ex-depot price of ₦1,075 per litre in Lagos.
The report indicates that while many marketers have adjusted their prices following Dangote Refinery’s latest reduction, several depots continue to sell petrol well above ₦1,120 per litre.
Top 10 Depots with the Highest PMS Prices
Rank Depot Location PMS Price (₦/Litre)
1 Aradel Warri 1,210
2 Matrix Warri 1,127
3 Fynfield Calabar 1,125
4 Bulk Strategic Warri 1,121
5 Liquid Bulk Warri 1,121
6 Masters Warri 1,121
7 Sigmund Warri 1,121
8 Optima Warri 1,121
9 Dangote Refinery Lagos 1,075
10 Other depots maintaining the market floor Various 1,075–1,121
PMS most expensive in Warri
The report shows that Warri remained the most expensive PMS market among the major depot locations, recording an average petrol price of about ₦1,124 per litre, compared with ₦1,122 in Port Harcourt, ₦1,115 in Lagos and ₦1,125 in Calabar.
Industry analysts attributed the continued price disparity to logistics costs, existing inventory purchased at higher prices, transportation expenses and varying supply arrangements among marketers.
The latest pricing comes after Dangote Petroleum Refinery reduced its ex-depot price to ₦1,075 per litre and opened product sales to all licensed marketers, a move expected to intensify competition in Nigeria’s downstream petroleum market.
Market observers believe that marketers holding higher-priced inventories may delay significant price reductions until existing stock is exhausted, while depots with fresh supplies from Dangote Refinery are expected to become more competitive in the coming days.
The report suggests that the widening price difference of up to ₦135 per litre between the highest-priced depot and Dangote Refinery underscores the increasing competition in the downstream sector as domestic refining capacity continues to reshape Nigeria’s fuel supply landscape.
Industry stakeholders expect more depot operators to review their prices downward as additional volumes from Dangote Refinery enter the market and competitive pressure intensifies.
Fourth reduction in one month — Dangote Refinery
Meanwhile, in a statement Dangote Petroleum Refinery & Petrochemicals said this remains its fourth price cut within a month as the company said it continues to pass lower production costs to consumers despite still processing crude oil purchased at significantly higher international prices.
The latest N50 per litre reduction brings the cumulative decrease in the refinery’s PMS ex depot price to N200 per litre since May 30, 2026, reducing the gantry price to 1, 075. Over the same period, the refinery has reduced the ex-depot price of Automotive Gas Oil (AGO) by N300 per litre and Jet A1 aviation fuel by N520 per litre.
The company said the successive reductions demonstrate its commitment to ensuring Nigerians benefit from favourable market developments while maintaining the long-term sustainability of domestic refining operations.
In a statement issued on Thursday, the refinery explained that petroleum product pricing cannot mirror daily movements in international crude oil markets because crude is purchased weeks, and sometimes months, before it is processed.
According to the refinery, the petroleum products currently being supplied to the market are being produced from crude inventories acquired during periods of substantially higher prices.
It disclosed that the average landed cost of crude processed stood at approximately US$124.80 per barrel in May and US$95.25 per barrel in June, compared with the current international benchmark of about US$71.01 per barrel.
The refinery also clarified that its crude procurement costs are not based solely on the headline ICE Brent benchmark commonly quoted in the media.
Rather, crude is purchased on a Dated Brent basis together with applicable market premiums, freight and logistics costs, resulting in actual feedstock costs that differ materially from benchmark prices.
Despite the sharp increase in crude acquisition costs during the period, Dangote Refinery said it deliberately refrained from transferring the full impact to consumers, choosing instead to absorb a significant portion of the additional costs in order to support market stability and cushion Nigerians from the volatility in global energy markets.
The company noted that this pricing approach has helped to keep petroleum product prices in Nigeria below those prevailing in neighbouring countries, even after accounting for applicable taxes.
It added that as lower priced crude cargoes progressively enter its production cycle, the refinery has begun systematically passing the benefits to the market through phased price reductions.
“Today’s N50 per litre reduction is the fourth price cut in one month, bringing cumulative reductions to above N200 per litre on PMS. This approach ensures that pricing decisions are anchored on actual production economics and inventory costs rather than short term fluctuations in international oil markets,” it said. “Nigeria today benefits from the stabilising role of domestic refining capacity. The Dangote Petroleum Refinery currently supplies volumes sufficient to meet national demand, helping to strengthen energy security, eliminate dependence on imports, conserve foreign exchange and provide greater price stability for consumers and businesses”.
Nigerians should expect further reduction if …
The company expressed confidence that if international crude prices remain favourable and lower cost feedstock continues to replace higher priced inventories, Nigerians should expect further moderation in petroleum product prices.
Dangote Petroleum Refinery reiterated its commitment to supplying high quality, internationally certified petroleum products at competitive prices while supporting Nigeria’s economic growth and the long-term development of the country’s downstream petroleum sector.
