Fuel Depot Prices Fall Across Nigeria as Petrol Drops to ₦1,303, Diesel Sheds ₦100
- Petrol and diesel depot prices have fallen across Lagos, Warri, Port Harcourt and Calabar, signalling softer wholesale fuel costs
- Diesel recorded the steepest cuts, including a ₦100 per litre reduction in Lagos, while petrol reached ₦1,303 in Port Harcourt
- Crude prices, refinery allocations and replacement costs will determine whether depot reductions translate into cheaper filling-station prices
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s downstream petroleum market ended the week with widespread price reductions as marketers cut petrol and diesel depot rates across major coastal markets, offering signs of easing wholesale fuel costs.
Petrol, officially known as Premium Motor Spirit (PMS), declined across monitored depots in Lagos, Warri, Port Harcourt and Calabar, while Automotive Gas Oil (AGO), or diesel, also recorded significant reductions.
Source: Getty Images
According to a market report by Petroleumprice.ng, the average PMS price across monitored Lagos depots fell by ₦23.50 per litre between Monday and Friday. Diesel recorded an even steeper average decline of about ₦35.64 per litre.
The reductions came during another volatile week for international crude oil prices, with Brent climbing above $106 per barrel before retreating below $100 and subsequently recovering above the $100 mark.
Lagos petrol prices drop as Dangote adjusts rate
In Lagos, the average petrol depot price fell from ₦1,351 per litre on Monday to ₦1,327.50 on Friday.
Sahara recorded the biggest reduction, cutting PMS from ₦1,351 to ₦1,325 per litre, a ₦26 decline. Pinnacle lowered its price by ₦24.50 to ₦1,325.50, while MRS Tincan reduced its rate by ₦20 to ₦1,332.
The Lagos average remained ₦2.50 above Dangote Refinery’s revised gantry price of ₦1,325 per litre.
However, the market remains sensitive to the dispute surrounding petrol import licences and refinery allocations, factors that could determine supply and wholesale prices in the coming days.
Diesel falls by as much as ₦100 in Lagos
Diesel recorded some of the sharpest cuts.
Eterna slashed its AGO price by ₦100 per litre, from ₦1,950 to ₦1,850. Rain Oil reduced its rate by ₦50 to ₦1,900, while Integrated and Duport each cut prices by ₦30 to ₦1,790.
Ibachem dropped by ₦25 to ₦1,790, while Ibeto fell ₦15 to ₦1,800. Pinnacle was virtually unchanged at ₦1,850.50.
Overall, the Lagos diesel depot average declined from ₦1,860 to about ₦1,824.36 per litre.
Petrol hits ₦1,303 in Port Harcourt
Price reductions were also recorded outside Lagos.
In Warri, Matrix lowered petrol from ₦1,327 to ₦1,316, Nepal dropped from ₦1,330 to ₦1,315, while Keonamex cut its rate by ₦14 to ₦1,316. Rain Oil’s diesel price also declined by ₦40 to ₦1,910.
Port Harcourt recorded some of the lowest petrol quotations among the monitored coastal markets. Masters and TSL each reduced PMS by ₦27, from ₦1,330 to ₦1,303 per litre.
Bulk Strategic also cut diesel by ₦38 to ₦1,890.
In Calabar, Alkanes reduced petrol by ₦17 to ₦1,310, while Soroman lowered its price by ₦5 to ₦1,325.
What could happen to fuel prices next?
The widespread reductions mean the coastal depot market enters the new week on a softer footing, although lower wholesale prices do not automatically translate into identical reductions at filling stations.
Source: UGC
International crude prices, refinery allocations, imported cargoes, available inventories and marketers’ replacement costs will remain important in determining the direction of pump prices.
Brent’s retreat from the week’s highs could ease some replacement-cost pressure. However, renewed Middle East supply concerns or another sharp increase in crude prices could quickly change the outlook.
For Nigerian consumers, the key question will be whether the latest depot price cuts eventually filter through to filling stations and provide meaningful relief at the pump.
Petrol depot rates fall in three cities
Legit.ng earlier reported that Nigeria’s downstream petroleum market recorded significant petrol price reductions in three major cities during the trading week, with depot rates falling to as low as N1,330 per litre.
The latest weekly market review by Petroleumprice.ng showed that petrol prices declined across Warri, Port Harcourt and Calabar, while Lagos remained relatively firm at around N1,350 per litre.
Source: Legit.ng
