Dangote tops cheapest fuel depots as PMS prices hit N1,350/litre nationwide

By Eyo Nsima

Dangote Petroleum Refinery has emerged as Nigeria’s cheapest supplier of Premium Motor Spirit (PMS), popularly known as petrol, even as ex-depot prices climbed to as high as N1,350 per litre across major fuel depots following the latest surge in global crude oil prices.

An analysis of the Daily Depot Price Intelligence Report for Wednesday, July 22, 2026, obtained by Vanguard, showed a wide price gap of N135 per litre between the country’s cheapest and most expensive petrol depots.

The report indicated that Dangote Refinery sold petrol at N1,215 per litre, the lowest ex-depot price nationwide despite its recent increase from N1,075 per litre.

At the other end of the market, Bulk Strategic Reserve in Lagos quoted the highest ex-depot price of N1,350 per litre, reflecting tightening supply and rising replacement costs.

The wide disparity in depot prices is expected to influence pump prices across the country as marketers source products from different suppliers.

Top 10 cheapest PMS depots

Based on the latest pricing data, the 10 most competitive depots are:

Rank                     Depot                                         Price (₦/litre)
1                             Dangote Refinery                    1,215
2                             Optima (Warri)                       1,278
3                             Liquid Bulk                              1,280
4                             Masters Energy                       1,280
5                             Matrix Energy                         1,280
6                             Sigmund                                   1,280
7                             TSL                                            1,320
8                            Bulk Strategic Reserve           1,350
9                              —                                                  —
10                            —                                                  —

The report showed that Liquid Bulk, Masters Energy, Matrix Energy and Sigmund all quoted the same ex-depot price of N1,280 per litre, making them the second-cheapest suppliers after Dangote Refinery.

Warri-based Optima followed closely with N1,278 per litre, while TSL sold at N1,320 per litre.

Pressure on retail prices

Industry operators said the increase in depot prices is already filtering through to filling stations, with pump prices now ranging between N1,300 and N1,400 per litre in many parts of Lagos and neighbouring states.

The latest adjustments followed a sharp increase in international crude oil prices, which has raised refining costs globally.

Brent crude recently climbed to about $93.90 per barrel, increasing production costs for refiners and replacement costs for petroleum marketers.

Diesel remains expensive

The report also showed that Automotive Gas Oil (AGO), popularly known as diesel, remained expensive across the country.

In Warri, Nepas sold diesel at N1,648 per litre, while Prudent and Rain Oil quoted N1,700 per litre. Sigmund sold diesel at N1,705 per litre, while Sahara recorded the highest diesel price among the listed depots at N1,750 per litre.

The report indicated that the lowest diesel prices across the regions ranged between N1,648 and N1,700 per litre, while the highest reached N1,750 per litre.

Analysts said the sustained increase in depot prices is expected to keep upward pressure on transport costs, manufacturing expenses and consumer prices, unless crude oil prices retreat or competition among suppliers intensifies in the coming weeks.