New Petrol Price Update: Top 10 Depots With Cheapest PMS Rates as Prices Rise Nationwide
- April's analysis reveals Lagos remains Nigeria's cheapest petrol market amid rising national prices
- Warri experiences highest price volatility, with a significant ₦131 difference between regions
- Late-April price surge indicates ongoing petrol pricing pressure for consumers and marketers
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Fresh data from Nigeria’s downstream petroleum market has revealed the top 10 depots with the lowest Premium Motor Spirit (PMS), also known as petrol, prices in April, even as a nationwide price adjustment pushed rates significantly higher toward the end of the month.
Data from Petroleumprice.ng shows that Lagos-based depots remained the cheapest sources of petrol supply across the country, maintaining the national price floor for most of April, while depots in Warri, Port Harcourt, and Calabar traded at higher but relatively stable premiums.
Source: UGC
However, by the final days of April, a coordinated market-wide increase triggered sharp price jumps across all major regions, forcing depot prices to rise by as much as ₦131 per litre between the lowest and highest recorded rates.
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Top 10 cheapest petrol depots in April
Based on the lowest recorded PMS prices and consistency within those price bands, these depots emerged as the cheapest across Nigeria:
- Aiteo — ₦1204
- Ascon — ₦1204
- Bono — ₦1204
- Nipco — ₦1204
- Liquid Bulk — ₦1215
- Masters — ₦1217
- Matrix — ₦1220
- Danmarna — ₦1220
- Rain Oil — ₦1220
- Wabeco — ₦1227
These depots consistently offered the most competitive petrol prices in their respective regions and shaped the overall market benchmark for April.
Lagos maintains position as national price benchmark
Lagos remained the most competitive PMS market in Nigeria, with Aiteo, Ascon, Bono, and Nipco repeatedly trading at the ₦1204 price floor.
Between April 8 and April 24, the city recorded the tightest pricing structure nationwide, with most depots operating within a narrow ₦1204 to ₦1210 range.
For example, Aiteo moved steadily from ₦1211 to ₦1204, while Nipco followed a similar path from ₦1213 to ₦1204. Bono and Ascon also aligned closely within the same band.
This strong convergence reflected intense competition, steady product availability, and efficient supply chain operations, reinforcing Lagos as Nigeria’s main petrol price discovery hub.
But by April 29 and 30, prices surged sharply as Rain Oil climbed to between ₦1290 and ₦1300, while Techno Oil reached ₦1295, signalling a major market reset.
Warri records the highest volatility
Warri operated within a higher and more volatile pricing structure compared to Lagos.
The cheapest depots in the region were Matrix, Danmarna, and Rain Oil, all trading at ₦1220. Prices generally ranged between ₦1220 and ₦1235 during the stable trading period.
Matrix gradually dropped from ₦1235 to ₦1220, while Danmarna and Rain Oil followed similar pricing patterns.
Unlike Lagos, however, Warri showed wider price dispersion and weaker convergence, suggesting lower competitive pressure.
The biggest shift came at month-end, when Matrix surged to ₦1335, the highest PMS price recorded nationally, while Nepal reached ₦1330.
This positioned Warri as the most reactive petrol market in April.
Port Harcourt, Calabar stay within mid-to-upper range
Port Harcourt maintained a balanced pricing structure, sitting between Lagos’ aggressive competition and Warri’s volatility.
Liquid Bulk recorded the region’s lowest price at ₦1215, while Masters traded consistently between ₦1217 and ₦1230.
Prices remained largely stable throughout most of the month before rising sharply to between ₦1300 and ₦1330 in the final week.
Calabar, on the other hand, posted the highest minimum price nationwide.
Wabeco set the floor at ₦1227, while most depots clustered tightly between ₦1227 and ₦1234, reflecting limited competition and supply constraints.
By month-end, prices rose to between ₦1300 and ₦1320 across the region.
Nationwide price surge changes market outlook
From April 8 to 24, Nigeria’s downstream market showed strong price stability:
- Lagos: ₦1204–₦1215
- Warri: ₦1220–₦1235
- Port Harcourt: ₦1215–₦1230
- Calabar: ₦1227–₦1230
But between April 26 and 30, a nationwide repricing occurred:
- Lagos: up to ₦1275–₦1281
- Warri: up to ₦1325–₦1335
- Port Harcourt: up to ₦1300–₦1330
- Calabar: up to ₦1300–₦1320
This pushed the national price spread to ₦131 per litre, from the lowest recorded ₦1204 in Lagos to the peak ₦1335 in Warri.
Source: Getty Images
The April pricing pattern confirms a clear two-tier market structure, with Lagos serving as the national pricing benchmark, while Warri, Port Harcourt, and Calabar adjusted upward in response to broader market forces.
For marketers and consumers alike, the late-April price jump signals that petrol pricing pressure may remain a major issue in the months ahead.
Private depots announce new Dangote petrol prices
Legit.ng earlier reported that petrol prices at Lagos depots surged, with Dangote-linked petrol now trading at N800 per litre, up from N775 recorded the previous day.
Petrolumprice.ng reports that tightened supply and the continued suspension of gantry sales at Dangote refinery are the reasons for the changes.
Industry checks indicate that the latest price increase is largely being driven by independent marketers.
Source: Legit.ng
