Fresh relief may be on the horizon for motorists and businesses as petrol depot prices declined across major terminals in Lagos, while diesel recorded even steeper reductions in several parts of the country.
Market data released on Tuesday showed that petroleum marketers adjusted ex-depot prices downward amid growing competition in Nigeria’s downstream oil sector and increasing domestic fuel supply.
Rain Oil led the latest round of price cuts, reducing its petrol price by N18 per litre from N1,180 to N1,162. The adjustment represents the largest reduction recorded among Lagos depots during the latest review.
Several other marketers also lowered their prices. A.A Rano reduced its depot price from N1,165 to N1,161 per litre, while AIPEC and Bono dropped their rates from N1,165 to N1,160 per litre. NIPCO cut its price by N4 to N1,161 per litre, while AITEO made a marginal reduction to N1,160 per litre.
Unlike many competitors, Dangote Refinery maintained relative stability in its Lagos pricing structure. The refinery’s petrol price moved slightly from N1,175 to N1,176 per litre, reflecting only a N1 increase.
Other major depots joined the downward trend. Masters reduced its PMS price from N1,203 to N1,197 per litre, while Matrix dropped from N1,205 to N1,197 per litre. Sigmund and T.S.L also adjusted their prices downward from N1,200 to N1,195 per litre.
While Lagos recorded widespread reductions, some depots outside the state increased prices. In Port Harcourt, Africanterminal raised its petrol price from N1,495 to N1,505 per litre, while Duport increased its rate from N1,490 to N1,505 per litre. Gulftreasure and T.Time were also quoted at N1,505 per litre, while Dangote’s Port Harcourt terminal slightly reduced its price to N1,500 per litre.
The diesel market witnessed the most significant changes. Matrix slashed its Automotive Gas Oil (AGO) price by N70, dropping from N1,630 to N1,560 per litre. Sigmund followed closely with a N68 reduction, cutting diesel prices from N1,628 to N1,560 per litre.
In Calabar, however, petrol prices edged higher. Mainland depot increased its PMS price from N1,187 to N1,190 per litre, while Northwest moved from N1,190 to N1,195 per litre.
Commenting on the development, Chief Executive Officer of Petroleumprice.com, Olatide Jeremiah, said growing domestic refining capacity and changing supply conditions are intensifying competition among marketers.
According to him, increased local production, inventory levels, and transportation costs are becoming key factors shaping fuel pricing across the country. He noted that consumers may begin to feel the impact if marketers transfer the depot reductions to retail pump prices in the coming days.
The latest adjustments underscore the evolving dynamics of Nigeria’s petroleum market, with industry players closely watching whether falling depot prices will translate into lower costs at filling stations nationwide.
