Petrol, Diesel Prices Crash Across Nigerian Depots Despite Surging Global Oil Prices
- Nigeria's depot fuel prices are declining despite high global crude rates
- Lagos has experienced the sharpest price cuts, with petrol averaging ₦1,277 per litre
- Increased competition reshapes fuel market dynamics across Nigeria amid high crude costs
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s depot fuel prices have continued to decline across major supply hubs despite crude oil prices remaining elevated in the international market, signalling the growing influence of local market competition and supply dynamics on domestic fuel trading.
The latest market trend comes as global crude prices remain relatively firm around the $110 per barrel range following heightened geopolitical tensions involving Iran and the United States.
Source: Getty Images
However, unlike the international market, Nigeria’s downstream sector is witnessing fresh price moderation in both petrol and diesel supplies.
Industry checks show that increased product availability, aggressive pricing among depot operators and stronger competition among marketers are gradually pushing depot prices downward across several locations.
Lagos depots record fresh price cuts
In Lagos, fuel depots posted some of the sharpest reductions in recent trading sessions.
Market data showed that the average depot price for Premium Motor Spirit (PMS), popularly known as petrol, previously stood at about ₦1,728 per litre, while Automotive Gas Oil (AGO), also known as diesel, averaged ₦1,810 per litre.
Current depot rates, however, indicate noticeable declines. Aiteo sold petrol at ₦1,277 per litre, while Ardova offered PMS at ₦1,277.5 per litre.
On the diesel side, Aipec and Duport both sold AGO at ₦1,802 per litre, reflecting a slight reduction compared to earlier averages.
The downward movement highlights the intensity of competition among Lagos depots, where product supply has remained relatively stable in recent weeks.
Warri, Calabar markets hold steady
Unlike Lagos, fuel prices in Warri remained largely unchanged, suggesting a more balanced supply environment.
PMS traded at ₦1,295 per litre at both Nepal and Parker depots. Diesel prices also showed minimal movement, with AGO selling at ₦1,813 per litre at First Fortune and ₦1,816 per litre at Nipco.
In Calabar, depot operators maintained steady pricing, with Fynefield and Northwest both selling petrol at ₦1,295 per litre.
The stability in these regions suggests that supply and demand conditions are currently more predictable compared to the aggressive pricing competition seen in Lagos.
Port Harcourt maintains firmer pricing
Port Harcourt continued to maintain relatively stronger depot prices compared to other supply corridors.
Diesel traded at ₦1,840 per litre at Aradel and ₦1,850 per litre at Matrix. Petrol prices also remained elevated, with Bulk Strategic selling PMS at ₦1,310 per litre and T.S.L. at ₦1,306 per litre.
The pricing pattern indicates firmer market conditions and tighter trading structures within the axis.
Local competition reshaping fuel market
Analysts say the latest pricing trend reflects a major shift in Nigeria’s downstream petroleum market, where local fundamentals are increasingly outweighing global oil movements.
The combined impact of improved product availability, competition among marketers, fuel import activities and the growing influence of the Dangote Refinery is reshaping depot pricing nationwide.
Source: UGC
Industry observers noted that locations with stronger supply inflows and more aggressive competition are witnessing faster price reductions. In contrast, areas with tighter supply structures continue to maintain relatively stable pricing levels.
The development could eventually ease pressure on retail fuel prices if the downward trend at depots persists in the coming weeks.
New petrol prices emerge at filling stations
Legit.ng earlier reported that petrol prices have begun rising across Nigeria as filling stations and depot operators adjust rates in response to escalating geopolitical tensions between the United States and Iran around the Strait of Hormuz, a major global oil transit route.
The development has triggered fresh concerns among consumers already grappling with the effects of fuel subsidy removal and the full deregulation of Nigeria’s downstream petroleum sector.
Checks across major filling stations show that top marketers, including MRS Oil Nigeria Plc, Ardova Plc (AP), NNPC Retail Limited, and other independent dealers, have revised their petrol pump prices upward in anticipation of higher supply costs.
Source: Legit.ng
