Hope Rises As Depot Owners Crash Petrol Prices Across Nigeria
- Competition for customers has helped reduce petrol prices at private depots, giving marketers more options
- In Lagos, depots are selling below N800 per litre, creating hope of lower petrol prices at filling stations soon
- Similarly, the price for diesel at depots has reduced in the country's Warri, Port Harcourt, and Calabar regions
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria’s downstream petroleum market is offering hope as private depot owners across the country slashed petrol prices last week, intensifying competition with major suppliers, including Dangote Refinery.
The price cuts follow recent adjustments in petrol pump prices at filling stations.
Source: UGC
New petrol prices at depots across Nigeria
Data from Petroluemprice.ng revealed that In Lagos, several depots priced petrol below N800 per litre to compete with Dangote Refinery partners.
Aiteo lowered PMS from N796 to N797 per litre, Wosbab and Shellplux reduced prices from N800 to N798, slightly below Dangote’s rate of N799.
Diesel, or Automotive Gas Oil (AGO), also softened as clearer signals on import licence approvals reduced fears of shortages, with Ibeto and Aiteo cutting diesel from N917 to N907 per litre and African Terminal reducing prices from N919 to N909.
In Warri, PMS prices showed mixed movement, as depots such as Nepal reduced petrol from N820 to N816, while Rainoil and Matrix raised prices from N821 to N840 and N830 to N843, respectively, due to limited access to fuel.
Diesel prices remained largely stable, with minor increases at selective depots reflecting controlled supply.
Source: Getty Images
Depot fuel pricing could benefit Nigerian consumers
Port Harcourt saw PMS prices move between N829 and N853, with some depots lowering rates from N835 to N829 to attract buyers, while others increased from N835 to N853 due to controlled availability.
Diesel remained largely unavailable across the corridor.
In Calabar, PMS prices softened; most depots lowered prices from N833–N837 to N816, although limited supply supported the market against sharper declines.
The nationwide petrol price reductions signal a decentralisation of fuel supply, with private depot owners increasingly influencing market dynamics.
Analysts expect PMS and AGO prices to remain sensitive to further price reviews.
With competition intensifying, depot pricing in the coming week is expected to favour consumers while encouraging marketers to optimise distribution strategies.
Ghana imports fuel from Dangote Refinery
Earlier, Legit.ng reported that Ghana was preparing to import petrol from the Dangote Refinery, in a development that could reshape fuel supply dynamics across West Africa and put fresh pressure on regional pump prices.
Speaking at the 2026 Nigeria International Energy Summit, CEO of Ghana's National Petroleum Authority, Godwin Tameklo, described Nigeria as firmly established as a regional energy hub, with the Dangote Refinery emerging as a critical supplier of refined petroleum products to neighbouring countries.
Tameklo said that increased dependence on Nigeria’s refined products could significantly reduce Ghana’s fuel import costs, especially given the geographical proximity between the two countries, and noted that disparities between the cedi and the naira could undermine the economic gains expected from cross-border fuel trade.
Proofreading by Bruce Douglas, copy editor at Legit.ng.
Source: Legit.ng
