Petrol depot prices dropped across major supply centres in Nigeria on Tuesday as fuel marketers reduced their rates by as much as ₦23 per litre, showing stronger competition in the downstream petroleum sector.
The latest price changes affected depots in Lagos, Warri, Calabar and Port Harcourt, while no major depot recorded any increase.
The new price report released on July 29, 2026, showed that several marketers either reduced their ex-depot prices or kept them unchanged.
In Lagos, Dangote Petroleum Refinery maintained its ex-depot price at ₦1,216 per litre, making it one of the cheapest suppliers.
Pinnacle also lowered its price by ₦2 to ₦1,216 per litre, matching Dangote’s rate.
MRS reduced its price by ₦2 to ₦1,222 per litre, while Emadeb cut its rate by ₦7 to ₦1,218 per litre.
Other major suppliers, including Aiteo, Nipco, Ascon, Shema and T-Time, left their prices unchanged, with rates ranging from ₦1,218 to ₦1,220 per litre.
The latest reductions come as competition grows in the petroleum market.
The increased supply from Dangote Refinery, along with continued fuel imports by marketers, has created more options for buyers and forced suppliers to adjust their prices.
Warri also recorded several price cuts. Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund all reduced their petrol prices to around ₦1,245 per litre.
Rain Oil made one of the biggest adjustments, reducing its price by ₦23 to ₦1,245 per litre.
Matrix also cut its price by ₦10 to reach the same level, while TSL lowered its rate by ₦6 to ₦1,244 per litre.
In Calabar, Northwest reduced its depot price by ₦15 to ₦1,235 per litre, while Mainland lowered its rate by ₦10 to ₦1,240 per litre.
Hong Petroleum also reduced its price by ₦2, bringing it to ₦1,233 per litre, the lowest depot price in the area.
Port Harcourt experienced similar changes. Matrix reduced its petrol price by ₦3 to ₦1,243 per litre, while Optima lowered its rate by ₦2 to the same amount.
Rain Oil also cut its price by ₦23, bringing it to ₦1,245 per litre.
Market observers said the widespread reductions were driven by better product availability and stronger competition among marketers seeking to attract wholesale customers.
The difference in depot prices across the country also narrowed, with Lagos recording prices from ₦1,216 per litre and other major markets averaging about ₦1,245 per litre.
This points to more uniform pricing across different supply locations.
However, motorists may not immediately enjoy lower pump prices because transport costs, dealer margins and other operating expenses still affect the final retail price.
Diesel prices also recorded declines in several locations. In Lagos, Matrix reduced its diesel price by ₦55 to ₦1,645 per litre, while Aiteo cut its rate by ₦15 to ₦1,630 per litre.
In Warri, Matrix lowered diesel by ₦70 to ₦1,650 per litre, while A.Y.M Shafa reduced its price by ₦40 to the same level.
