Nigerian petroleum depots kept petrol prices largely unchanged on Monday despite a sharp decline in global crude oil prices, raising expectations that cheaper crude could eventually ease domestic fuel costs. West Texas Intermediate (WTI) crude fell 4.87% to $95.42 per barrel as of 4 p.m. West Africa Time, while Brent crude declined 3.47% to $100.30 per barrel. The drop pushed international benchmarks towards their lowest levels since September 10, but the relief has yet to filter through to Nigeria's wholesale petroleum market.
Petrol Remains at ₦1,327 in Some Depots
Depot data from PetroleumPriceNG showed Premium Motor Spirit (PMS) selling for as low as ₦1,327 per litre in Warri and Calabar. In Warri, Matrix quoted petrol at ₦1,327 per litre, while Optima, Keonamex and Sharon sold at ₦1,330. Prudent also reduced its price slightly from ₦1,335 to ₦1,330.
Calabar recorded a similar range. Northwest sold at ₦1,327, while Soroman quoted ₦1,330. Alkanes, Mainland and Sobaz were also reviewed at ₦1,327 per litre. In Port Harcourt, Masters and TSL quoted petrol at ₦1,330 per litre. Lagos remained more expensive, with Techno Oil listing PMS at ₦1,350.30 per litre.
Diesel Prices Show Limited Movement
Diesel prices also showed limited movement. In Port Harcourt, Automotive Gas Oil (AGO) stood at ₦1,935 per litre at Masters and ₦1,928 at Bulk Strategic. Lagos diesel prices ranged mostly between ₦1,830 and ₦1,850.50 per litre across monitored depots.
The international oil market weakened as traders weighed the possibility of diplomatic progress between the United States and Iran during the United Nations General Assembly. The market is also responding to signs that Saudi Arabia is restoring some crude export flows disrupted by attacks on its energy infrastructure. Saudi Arabia has increased crude movements through the Strait of Hormuz to compensate for disruptions affecting its Red Sea export infrastructure. Ship-to-ship transfers near Oman have also increased, helping regional producers keep crude moving despite restrictions affecting conventional shipping routes.
Will Nigerian Petrol Prices Fall?
For Nigerian motorists, the immediate impact remains limited. The latest depot figures show that the sharp decline in crude oil has not yet translated into widespread reductions in wholesale petrol and diesel prices. A lag typically occurs between changes in international crude benchmarks and local petroleum product prices because existing inventories, refining costs, foreign exchange rates, logistics, and replacement costs also influence depot pricing.
However, if Brent and WTI remain lower, the decline could increase pressure on refiners and petroleum marketers to review prices, potentially opening another window for cheaper petrol at depots and filling stations. Legit.ng earlier reported that the latest petrol price reductions in Calabar, Warri and Port Harcourt were due to depot rates falling to as low as N1,330 per litre. The report also examined Dangote Refinery's impact on regional supply and sharp movements in diesel prices.
