Petrol Prices Crash at Depots as NNPC, Other Filling Stations Announce New Rates Nationwide
- Nigeria is seeing a modest petrol price decline as global oil prices ease
- Depot operators have adjusted rates following reduced crude oil volatility
- Experts anticipate further price relief amid ongoing diplomatic efforts in the Middle East
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol prices have recorded a modest decline across Nigeria, with private depot operators and filling stations adjusting their rates downward in response to easing global crude oil prices.
The development follows a recent shift in international oil markets after comments by Donald Trump suggesting that the United States could withdraw from the Middle East conflict within weeks.
Source: UGC
The announcement helped calm tensions that had previously driven crude prices above $100 per barrel.
Crude oil volatility drives local pricing
The earlier spike in global oil prices, triggered by heightened Middle East tensions, had significantly impacted Nigeria’s downstream market.
Petrol prices surged sharply, with dealers, including the Dangote Refinery, reportedly increasing pump prices more than 15 times in March alone.
This volatility forced many depot operators to temporarily halt sales in anticipation of further hikes.
However, the recent cooling of crude oil prices has reversed that trend, prompting depot owners to reopen sales channels and reduce their rates.
New depot prices emerge
Fresh data from PetroleumPriceNG shows that depot prices have begun to adjust to reflect the changing global outlook.
Prices have dropped from about ₦1,275 per litre, a rate announced by Dangote Refinery in late March, to an average of ₦1,240 per litre.
Market checks indicate that several depot operators have aligned with the new pricing structure. SIGMUND is selling petrol at ₦1,235 per litre, AITEO at ₦1,240, Matrix Warri at ₦1,245, and Bono at ₦1,240 per litre.
Experts cite reduced market tension
Energy analysts say the adjustment reflects a broader easing of volatility in the global oil market.
Osas Igho, a financial analyst, noted that while uncertainty remains, the extreme fluctuations seen in the early stages of the Middle East crisis have moderated.
“The volatility prevalent in the first few weeks of the conflict has reduced,” he said, adding that price movements are now more gradual compared to earlier spikes.
Hope for further price relief
Industry observers believe that ongoing diplomatic efforts and calls for a ceasefire could further stabilise oil prices, potentially leading to additional relief for consumers.
If the current trend persists, Nigerians may see more consistent pricing at both depots and retail filling stations in the coming weeks, easing the pressure on households and businesses already grappling with high energy costs.
Source: Getty Images
Relief as depot owners slash petrol and diesel prices
Legit.ng earlier reported that a fresh wave of price cuts across Nigeria’s petroleum depots is offering a measure of relief to marketers and consumers, as traders move swiftly to reduce rates amid fears of an imminent adjustment by the Dangote Refinery.
The sudden price shift, most pronounced in Lagos, reflects growing unease among depot owners, who are determined to avoid losses in an increasingly volatile market.
With expectations mounting that Dangote could lower its gantry prices, many traders are opting to sell off existing stock quickly rather than risk carrying higher-priced inventory.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
