Petrol Prices Crash Below Dangote’s Rate

Petrol prices have dropped below Dangote Petroleum Refinery’s ex-gantry price in parts of Calabar and Port Harcourt as depot operators battle for buyers amid increased product availability.

The latest development has triggered fresh competition in the downstream petroleum market, with some depot operators cutting their prices by more than ₦20 per litre below the refinery’s current rate.

According to market data obtained by Petroleumprice.ng and reported by Legit.ng, petrol prices at selected depots in Calabar ranged between ₦1,303 and ₦1,310 per litre on Monday, October 5, 2026.

In Port Harcourt, prices were also lower, ranging between ₦1,305 and ₦1,308 per litre.

The development means that several depots in the two cities are now selling petrol below Dangote Refinery’s ₦1,325 per litre ex-gantry price.

Calabar Records Lowest Price

The lowest price recorded was ₦1,303 per litre at Matrix and Soroman depots in Calabar.

At that rate, the two depots are selling petrol ₦22 below Dangote Refinery’s ₦1,325 ex-gantry price.

Mainland depot was quoted at ₦1,304 per litre, while Northwest sold at ₦1,310 per litre.

The figures represent a notable shift in the wholesale petrol market, particularly as depot operators continue to compete for available customers.

Port Harcourt Depots Also Cut Prices

In Port Harcourt, Masters, Sigmund, TSL and Stockgap were all quoted at ₦1,305 per litre after subsequent price reviews.

The depots had initially been selling at around ₦1,308 per litre, down from an earlier price of ₦1,332 per litre.

The latest reductions have pushed their prices further below Dangote Refinery’s current ex-gantry rate.

Why Petrol Prices Are Falling

An industry source attributed the latest price reductions to strong product availability and increased competition among depot operators along the Calabar-Port Harcourt corridor.

Several depots reportedly have substantial volumes of petrol available for sale, while demand has remained relatively limited.

As a result, operators are adjusting their prices downward in an effort to attract marketers and clear available stock.

The development highlights the growing influence of supply conditions and competition on petrol prices in Nigeria’s deregulated downstream petroleum market.

Will Nigerians Pay Less at Filling Stations?

The reduction in depot prices could create room for further reductions in pump prices if the trend is sustained.

However, the price motorists pay at filling stations does not depend solely on the depot price. Transportation, storage, distribution and station operating costs can add to the final retail price.

For now, the latest development provides another indication that increased product availability and competition are beginning to influence petrol pricing across different regions of Nigeria.

With Calabar and Port Harcourt depots now selling below Dangote Refinery’s ₦1,325 rate, attention will turn to whether filling stations in the affected areas will follow with corresponding pump-price reductions.