Relief As Petrol Price Drops at Depots, Marketers Release New Rates Nationwide
- Petrol depot prices fell across major hubs in Lagos, Port Harcourt and Warri as depot owners reduced ex-depot loading rates
- Bulk Strategic, Sigmund, Optima, Matrix and other depots cut prices by between N5 and N25 per litre
- The reductions follow recent retail price cuts by NNPC and Dangote Refinery partner stations, adding more downward pressure on fuel costs
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Petrol depot prices have dropped again across Nigeria's key distribution hubs, with loading rates falling at several depots in Lagos, Port Harcourt and Warri amid sustained competition and improved product supply.
The fresh cuts, ranging from N5 to N25 per litre on Monday, July 27, were recorded at multiple depots nationwide.
Source: Getty Images
Depot Owners Cut Loading Prices
In Lagos, all six monitored depots lowered their ex-depot rates. Bulk Strategic trimmed its price from N1,260 to N1,250 per litre, while Liquid Bulk moved from N1,270 to N1,256, data from Petroleumprice.ng shows.
Masters dropped from N1,275 to N1,260, and Matrix reduced its rate from N1,270 to N1,255. Sigmund recorded the largest single cut in Lagos, shaving N20 off its price to settle at N1,250 per litre.
T.S.L also lowered its loading price from N1,265 to N1,250.
Port Harcourt depots followed suit. Hong Petroleum reduced its ex-depot price from N1,255 to N1,246 per litre, while Mainland moved from N1,255 to N1,250. Northwest did not publish a current loading price.
In Warri, Optima posted the biggest single reduction across all three cities, cutting its price by N25 from N1,270 to N1,245 per litre. Matrix in Warri also reduced its rate by N24 to N1,246, and Rain Oil trimmed its loading price by N5 to N1,268 per litre.
Source: Getty Images
What the Price Cuts Could Mean for Motorists
Industry observers say the continued softening of depot prices creates room for marketers to pass savings down to retail customers, provided competition across the market remains strong.
Lower procurement costs could ease pressure on filling station operators, many of whom have faced tight margins since the deregulation of the downstream sector.
For businesses and households, any further drop in pump prices would reduce transportation and logistics costs, offering meaningful relief at a time when operating expenses remain high.
Below is a snapshot of current ex-depot prices:
Snapshot of petrol depot prices on Monday at depots
Lagos
- Bulk Strategic – N1,250/litre
- Liquid Bulk – N1,256/litre
- Masters – N1,260/litre
- Matrix – N1,255/litre
- Sigmund – N1,250/litre
- T.S.L – N1,250/litre
Port Harcourt
- Hong Petroleum – N1,246/litre
- Mainland – N1,250/litre
Warri
- Optima – N1,245/litre
- Matrix – N1,246/litre
- Rain Oil – N1,268/litre
NNPC filling stations slash petrol pump price
Earlier, Legit.ng reported that the NNPC retail outlets have adjusted the pump price of Premium Motor Spirit (PMS), also known as petrol, across the country.
A Legit.ng survey conducted confirmed that NNPC outlets in Lagos are now selling petrol at N1,300 per litre, up from N1,118, a jump of N182.
In Abuja, the price moved from N1,210 to N1,330 per litre, representing a rise of N120.
Source: Legit.ng
