- Downward ₦25 Adjustment Reverses Recent Hike Nine Days After Ex-Gantry Rate Reached ₦1,350
- International Benchmarks Ease on Resumed Diplomatic Talks Between United States and Iran
- Coastal Depots Track New Floor With Warri and Port Harcourt Offloading Between ₦1,327 and ₦1,330
Dangote Petroleum Refinery on Monday effected a ₦25 downward adjustment on its petrol ex-gantry benchmark, bringing the loading rate down from ₦1,350 to ₦1,325 per litre.
The 1.85 per cent price rollback comes barely nine days after the 650,000-barrel-per-day Lekki facility pushed its off-take price up by ₦85 per litre on September 12, when it spiked from ₦1,265 to ₦1,350.
The sudden reversal tracks an easing global crude market, where futures retreated following diplomatic feelers between Washington and Tehran on the margins of the United Nations General Assembly in New York.
International benchmark Brent fell 3.34 per cent to $100.40 a barrel, while West Texas Intermediate shed 3.83 per cent to $92.40, cooling feedstock costs for coastal refiners after weeks of heightened maritime risk premiums.
The refinery’s downward revision has sparked an immediate price reaction across private wholesale terminals along Nigeria’s southern coastline, pulling private truck-out rates down to near parity with the Lekki plant.
Market data collated on Monday by energy tracking portal Petroleumprice.ng revealed that coastal depot rates in the Niger Delta have closed within a tight ₦2 to ₦5 margin of the new ₦1,325 refinery floor.
In Warri, private loading depots—including Keonamex, Sharon, and Prudent—marked down their wholesale price to ₦1,330 per litre.
Depots in Port Harcourt, notably Masters Energy and TSL, also closed business at ₦1,330 per litre, while Calabar operators—including Alkanes, Mainland, and Sobaz—slashed their loading tariffs to ₦1,327 per litre.
Lagos terminal operators, however, maintained a stubborn price premium.
At the Ibafon and Apapa axis, both Integrated Oil and Gas and Ascon pegged PMS loading tariffs at ₦1,351 per litre—holding a ₦26 gap against Dangote’s refinery gate as terminal operators move cautiously to exhaust expensive older inventories.
Market analysts say the tight regional price spreads confirm that Nigeria’s deregulated downstream market has become acutely responsive to global crude shifts and primary refinery benchmarks.
Whether the ex-gantry reduction will prompt immediate relief for motorists at retail pumps remains uncertain, as independent filling stations typically drag their feet on price cuts while waiting for current retail stocks to run dry.
