Petrol Prices Drop as Lagos Depots Cut Rates to N1,200, Diesel Falls to N1,688
- Lagos depot petrol prices fell by N29 per litre, while diesel dropped by N11
- Global crude prices rose amid renewed US-Iran tensions and concerns over oil shipments through the Strait of Hormuz
- Lower depot prices may create room for cheaper fuel, but pump prices depend on transport costs and retailers’ decisions
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol and diesel prices have declined across several depots in Lagos, raising expectations of further reductions at filling stations as petroleum marketers adjust their wholesale rates.
The latest price adjustments, recorded on Thursday, November 12, 2026, came despite a rebound in global crude oil prices following fresh geopolitical tensions involving the United States and Iran.
Source: Getty Images
According to daily market data published by Petroleumprice.ng, the average depot price of Premium Motor Spirit (PMS), commonly known as petrol, dropped by N29 per litre, from N1,239 to N1,210.
The reduction represents a 2.34% decline, offering some relief to petroleum marketers purchasing products for distribution to retail outlets.
Similarly, the average price of Automotive Gas Oil (AGO), also known as diesel, declined by N11 per litre, from N1,699 to N1,688, representing a 0.65% reduction.
Lagos depots announce new petrol prices
The latest market survey showed that several petroleum depots adjusted their petrol prices, with some offering products below the prevailing market average.
Pinnacle recorded the lowest quoted petrol price among the monitored facilities at N1,200 per litre.
Aiteo followed at N1,204 per litre, while African Terminal, Ascon and Integrated quoted N1,210 per litre.
The new prices suggest growing competition among depot operators seeking to attract marketers and maintain product sales.
For diesel, the market recorded relatively uniform quotations.
Integrated, Ascon, Duport, Gulf Treasure, African Terminal, Ibeto and Ibachem all quoted N1,688 per litre.
The adjustments could reduce wholesale purchasing costs for independent marketers and transport operators, although retail price reductions will depend on existing stock, distribution expenses and individual filling station pricing decisions.
Crude oil prices rise despite domestic reductions
The domestic price reductions contrasted with developments in the international oil market, where major crude benchmarks recorded gains.
Brent crude rose by 1.79% to $94.42 per barrel, while West Texas Intermediate gained 1.07% to $87.46.
Murban crude also advanced by 1.66% to $93.47 per barrel.
The increases followed comments attributed to US President Donald Trump rejecting the need for a negotiated agreement with Iran.
His remarks renewed concerns about prolonged tensions in the Middle East and possible disruptions to petroleum shipments through the strategic Strait of Hormuz.
Brent had previously retreated from approximately $118 per barrel in late October amid expectations of easing geopolitical tensions.
What lower depot prices mean for Nigerians
For Nigerian motorists and businesses, the latest wholesale reductions could create room for cheaper petrol and diesel at retail outlets.
However, depot prices are not the same as filling station pump prices.
Retailers must account for transportation, operating expenses and profit margins before adjusting their selling rates.
Source: Getty Images
The latest figures therefore indicate easing wholesale costs rather than a confirmed nationwide reduction in pump prices.
If the downward trend continues, consumers could eventually benefit from lower transportation and energy costs, particularly businesses heavily dependent on petrol and diesel.
Petrol prices: FCCPC warns Dangote, marketers
Legit.ng earlier reported that the Federal Competition and Consumer Protection Commission (FCCPC) has issued a fresh warning to petroleum refiners and marketers over high petrol and diesel prices despite declining crude oil prices in the international market.
The warning comes as Nigerians continue to pay between ₦1,325 and ₦1,420 per litre for petrol, raising concerns about why falling global oil prices have yet to translate into significant relief at filling stations.
Source: Legit.ng
