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.
Average PMS and AGO Prices Decline in Lagos
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.
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.
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. 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.
