Dangote Petroleum Refinery is considering a review of its petrol and diesel prices as it evaluates prevailing market conditions, with industry sources indicating that the company is assessing its pricing strategy amid increasing competition across Nigeria's downstream sector.
Sources familiar with the matter told Petroleumprice.ng that the refinery is reviewing current market realities and could adjust its ex-depot prices. Although no timeline has been confirmed, the sources said a decision is under consideration.
The development comes as international crude oil prices continue to soften. As of 11:40 a.m. WAT on Monday, Brent crude traded at $85.81 per barrel, while U.S. West Texas Intermediate (WTI) stood at $81.89 per barrel.
Checks by Petroleumprice.ng show that competition among depot operators has intensified, particularly in the diesel market, where private depots are now offering Automotive Gas Oil (AGO) below Dangote Refinery's current ex-depot price.
Across Lagos, Integrated, Ibeto, T.Time, Duport, Ibachem, Gulf Treasure, African Terminal and Pivot all sold diesel at ₦1,620 per litre on Monday. Emadeb quoted ₦1,630 per litre, while Wosbab reduced its price from ₦1,630 to ₦1,620 per litre. TMDK also revised its diesel price downward to ₦1,620 per litre, while Prudent in Warri sold at ₦1,650 per litre.
The petrol market has also become increasingly competitive, with private depot prices now largely matching Dangote Refinery's prevailing ex-depot rates.
In Lagos, Aiteo reviewed its petrol price to ₦1,215 per litre, while Emadeb and Ardova sold at ₦1,217 per litre. MRS Tin Can quoted ₦1,218 per litre. Outside Lagos, Liquid Bulk in Port Harcourt sold petrol at ₦1,220 per litre, Matrix offered ₦1,222 per litre, while Hong Petroleum, Mainland and Sobaz in Calabar sold between ₦1,217 and ₦1,218 per litre.
Industry sources said the narrowing gap between Dangote Refinery's prices and those offered by private depots has increased competitive pressure in the domestic fuel market. While petrol prices across depots are now broadly aligned with the refinery's pricing, diesel continues to trade at lower levels in several private depots.
Market participants said any adjustment by Dangote Refinery would likely influence pricing across the downstream market, as depot operators typically respond to changes introduced by the country's largest refinery.
Dangote Refinery has not issued an official statement regarding a potential price review. However, industry sources maintained that the company is evaluating prevailing market realities as it considers its next pricing decision.