The Nigerian Petrol Depot Owners have slashed their ex-depot prices to as low as ₦710 as intense competition between them and Dangote Petroleum Refinery grips the downstream market.
“A report shows that in the first week of January 2026, depot owners sharply increased gantry prices after reports emerged that the Dangote Refinery had shut down its petrol production unit for maintenance.”
Although the refinery denied the reports, the speculation was enough to jolt the market.
The Depot prices surged, and the increases quickly filtered through to filling stations nationwide.
“Independent marketers raised gantry prices from around N720 per litre to over N800 per litre, with analysts noting that depot operators were exploiting uncertainty surrounding Africa’s largest refinery”.
Checks reveal that depot owners have now reversed course, cutting prices aggressively to stay competitive with Dangote Refinery’s pricing structure, especially as fresh fuel imports enter the Nigerian market.
As of Sunday, January 11, 2026, ShellPlux sold petrol at N710 per litre, MAO at N715, while A.Y.M.
However, Energy experts believe that global oil market dynamics are also contributing to the decline in local petrol prices.
“Crude oil is currently trading between $50 and $60 per barrel in the international market,” energy policy analyst Yusuf disclosed
According to him, ongoing geopolitical tensions involving Venezuela and Iran have pushed crude prices lower, with direct implications for refined fuel costs.
“Crude oil is often used as a political tool and is highly sensitive to geopolitical developments. When prices drop, refined product prices usually follow, especially in domestic markets,” Yusuf explained