Introduction

Dangote Petroleum Refinery has announced a new petrol price of N1,325 per litre, marking the latest adjustment in Nigeria's downstream fuel market. The reduction comes as international crude oil prices continue to shift, influencing pump costs across the country.

What Happened

On Monday, September 21, 2026, Dangote Refinery lowered its Premium Motor Spirit price by N25, bringing the cost down from N1,350 to N1,325 per litre. This follows a price increase from N1,265 to N1,350 on September 12, making the latest move a partial reversal. The adjustment took effect alongside a greater than three per cent decline in international benchmark crude prices.

  • Brent crude traded around $100.40 per barrel and West Texas Intermediate near $92.40, both recording losses during the latest market session.
  • Price declines were linked to renewed expectations of diplomatic engagement between the United States and Iran, which eased some of the pressure that had pushed international oil prices higher.
  • Data from Petroleumprice.ng showed several monitored depots in Warri and Port Harcourt selling petrol at N1,330 per litre, while Calabar depots quoted N1,327 per litre.
  • In Lagos, Integrated and Ascon depots were reported selling at N1,351 per litre, leaving their prices above Dangote Refinery's latest benchmark.

Why This Matters

The price adjustment matters for Nigerian drivers navigating persistent fuel cost pressures, especially as global markets react to geopolitical developments. The connection between US-Iran diplomatic signals and crude price movements highlights how quickly regional pump prices can respond to international events. For consumers, the N1,325 rate offers a brief respite, though market dynamics suggest further fluctuations are likely in the coming weeks.

Key Takeaways

  • Dangote Refinery reduced petrol price to N1,325 per litre effective September 21, 2026.
  • The cut follows a N25 decrease from N1,350, itself a rise from N1,265 earlier in September.
  • International crude benchmarks Brent and WTI both fell more than three per cent, partly due to eased US-Iran tensions.
  • Depot prices across Nigeria vary, with Lagos still above Dangote's new benchmark at N1,351 per litre.
  • Further price movements will depend on crude oil trends, refinery competition, and ongoing diplomatic developments.

Conclusion

Dangote Refinery's latest price adjustment reflects the ongoing connection between global crude markets and Nigeria's domestic fuel costs. As international diplomatic signals and supply conditions evolve, motorists should expect continued volatility. Staying informed about benchmark prices and depot rates will help consumers navigate the shifting landscape of petrol pricing in Nigeria.