Petrol depot prices declined across several Lagos terminals on Monday as marketers adjusted rates in response to changing supply conditions and growing competition in Nigeria’s downstream petroleum market.
Market data showed that most major depots in Lagos reduced their ex-depot prices by between ₦1 and ₦18 per litre, while diesel prices posted even sharper declines in some locations.
The latest adjustments come amid increased domestic refining activity and intensified competition among fuel suppliers, factors that continue to shape pricing across the country.
Dangote Refinery’s Lagos depot price remained largely stable, edging up slightly from ₦1,175 to ₦1,176 per litre, representing only a ₦1 increase.
Other depots, however, implemented notable reductions. Rain Oil recorded the steepest cut in Lagos, lowering its petrol price by ₦18 from ₦1,180 to ₦1,162 per litre.
A.A Rano reduced its price from ₦1,165 to ₦1,161 per litre, while AIPEC and Bono both adjusted from ₦1,165 to ₦1,160 per litre.
NIPCO cut its PMS price by ₦4 from ₦1,165 to ₦1,161 per litre, while AITEO made a marginal reduction from ₦1,161 to ₦1,160 per litre.
Further reductions were recorded at Masters, Matrix, Sigmund and T.S.L.
- Masters: ₦1,203 to ₦1,197 per litre
- Matrix: ₦1,205 to ₦1,197 per litre
- Sigmund: ₦1,200 to ₦1,195 per litre
- T.S.L: ₦1,200 to ₦1,195 per litre
While Lagos witnessed widespread reductions, some depots in other parts of the country recorded increases, reflecting regional supply and logistics variations.
In Port Harcourt, Africanterminal increased its PMS price from ₦1,495 to ₦1,505 per litre, while Duport raised its price from ₦1,490 to ₦1,505 per litre.
Gulftreasure and T.Time were both quoted at ₦1,505 per litre, while Dangote’s Port Harcourt terminal recorded a slight reduction from ₦1,501 to ₦1,500 per litre.
Diesel prices recorded the most significant movement, especially in Port Harcourt.
- Matrix reduced automotive gas oil (AGO) from ₦1,630 to ₦1,560 per litre, a ₦70 decline.
- Sigmund cut diesel from ₦1,628 to ₦1,560 per litre, representing a ₦68 reduction.
Similar adjustments were observed in Lagos, where Matrix and Sigmund both reduced diesel prices to ₦1,560 per litre.
In Calabar, petrol prices moved slightly upward.
- Mainland Depot: ₦1,187 to ₦1,190 per litre
- Northwest: ₦1,190 to ₦1,195 per litre
Commenting on the development, the Chief Executive Officer of Petroleumprice.com, Olatide Jeremiah, said the latest price movements reflect increasing competition in Nigeria’s petroleum market.
“With more domestic supply entering the market, especially from major refining facilities, marketers are expected to continue reviewing depot prices in response to changing supply conditions.
“The immediate impact on consumers will depend on how quickly the reductions at depot level translate into retail pump prices, as marketers factor in haulage expenses, operating costs and profit margins.”
Industry observers say continued expansion in local refining capacity is likely to keep influencing depot pricing in the coming weeks, with marketers closely monitoring supply levels, transportation costs and consumer demand across the country.
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