KEY POINTS
• Petrol depot prices in Lagos fell across most terminals as competition and supply changes continue to influence Nigeria’s downstream oil market.
• Dangote Refinery maintained relative stability with only a slight price adjustment, while several other depots recorded reductions of up to ₦18 per litre.
• Diesel prices dropped more sharply in some locations, though regional markets like Port Harcourt and Calabar showed mixed price movements.
Petrol depot prices in Lagos have recorded a general decline as increased competition among suppliers and changes in supply dynamics continue to shape Nigeria’s downstream petroleum market.
Market data from Monday showed that most major depots reduced their ex-depot prices for Premium Motor Spirit (PMS), commonly known as petrol, by between ₦1 and ₦18 per litre. Diesel prices also dropped more sharply at several terminals.
The Dangote Refinery adjusted its Lagos petrol price slightly upward from ₦1,175 to ₦1,176 per litre, reflecting a marginal change despite broader market declines.
The refinery’s pricing remained relatively stable compared to other suppliers, highlighting its growing influence in Nigeria’s domestic fuel supply chain.
Other Lagos Depots Record Price Cuts
Several depot operators in Lagos reduced their petrol prices in response to market conditions. Rain Oil recorded the largest reduction, cutting its price from ₦1,180 to ₦1,162 per litre. A.A Rano also reduced its price from ₦1,165 to ₦1,161 per litre.
AIPEC and Bono both adjusted their prices downward from ₦1,165 to ₦1,160 per litre, while NIPCO lowered its price by ₦4, moving from ₦1,165 to ₦1,161 per litre. AITEO also made a slight cut from ₦1,161 to ₦1,160 per litre.
Other terminals, including Masters, Matrix, Sigmund, and T.S.L, also recorded reductions. Masters dropped from ₦1,203 to ₦1,197 per litre, Matrix moved from ₦1,205 to ₦1,197 per litre, while Sigmund and T.S.L reduced from ₦1,200 to ₦1,195 per litre.
These adjustments reflect a broader downward trend in Lagos depot prices driven by competitive pressures and supply changes.
Despite the general decline in Lagos, some depots in other parts of the country recorded price increases.
In Port Harcourt, Africanterminal raised its petrol price from ₦1,495 to ₦1,505 per litre, while Duport also increased from ₦1,490 to ₦1,505 per litre. Gulftreasure and T.Time were both quoted at ₦1,505 per litre.
However, Dangote’s Port Harcourt terminal recorded a slight reduction, moving from ₦1,501 to ₦1,500 per litre.
In Calabar, depot prices also edged upward. Mainland depot increased from ₦1,187 to ₦1,190 per litre, while Northwest rose from ₦1,190 to ₦1,195 per litre.
The automotive gas oil (AGO) market recorded more significant reductions, particularly in Lagos and Port Harcourt.
Matrix reduced diesel prices from ₦1,630 to ₦1,560 per litre, representing a ₦70 drop, while Sigmund also cut its price from ₦1,628 to ₦1,560 per litre.
Market analysts noted that diesel prices are responding more quickly to supply changes compared to petrol, resulting in sharper adjustments across depots.
According to the Chief Executive Officer of Petroleumprice.com, Olatide Jeremiah, the latest price movements reflect increasing competition in Nigeria’s petroleum sector.
He explained that rising domestic refining output, changes in depot stock levels, and transportation costs are key factors influencing price adjustments.
Jeremiah noted that as more locally refined products enter the market, marketers are likely to continue reviewing depot prices in response to evolving supply conditions.
He also added that the extent to which depot price reductions affect retail pump prices will depend on additional costs such as haulage, operating expenses, and profit margins.
