Petrol depot prices have declined again across Nigeria's major distribution hubs in Lagos, Port Harcourt and Warri, with loading rates dropping by between N5 and N25 per litre at multiple depots. The reductions come amid sustained competition and improved product supply, following recent retail price cuts by the Nigerian National Petroleum Company (NNPC) Limited and Dangote Refinery partner stations.
Depot Owners Reduce Loading Prices in Lagos
In Lagos, all six monitored depots lowered their ex-depot rates. Bulk Strategic trimmed its price from N1,260 to N1,250 per litre, while Liquid Bulk moved from N1,270 to N1,256. Masters dropped from N1,275 to N1,260, and Matrix reduced its rate from N1,270 to N1,255. Sigmund recorded the largest single cut in Lagos, shaving N20 off its price to settle at N1,250 per litre. T.S.L also lowered its loading price from N1,265 to N1,250.
Port Harcourt and Warri Depots Follow Suit
In Port Harcourt, Hong Petroleum reduced its ex-depot price from N1,255 to N1,246 per litre, while Mainland moved from N1,255 to N1,250. Northwest did not publish a current loading price. In Warri, Optima posted the biggest single reduction across all three cities, cutting its price by N25 from N1,270 to N1,245 per litre. Matrix in Warri also reduced its rate by N24 to N1,246, and Rain Oil trimmed its loading price by N5 to N1,268 per litre.
Implications for Motorists and the Economy
According to industry observers, the continued softening of depot prices creates room for marketers to pass savings down to retail customers, provided competition across the market remains strong. Lower procurement costs could ease pressure on filling station operators, many of whom have faced tight margins since the deregulation of the downstream sector. For businesses and households, any further drop in pump prices would reduce transportation and logistics costs, offering meaningful relief at a time when operating expenses remain high.
Snapshot of Current Ex-Depot Prices
Below is a summary of current ex-depot prices across the three cities: In Lagos, Bulk Strategic and Sigmund both offer N1,250 per litre, Liquid Bulk N1,256, Masters N1,260, Matrix N1,255, and T.S.L N1,250. In Port Harcourt, Hong Petroleum sells at N1,246 and Mainland at N1,250. In Warri, Optima is at N1,245, Matrix at N1,246, and Rain Oil at N1,268.
Context: NNPC Pump Price Adjustment
Earlier, NNPC retail outlets adjusted the pump price of Premium Motor Spirit (PMS) across the country. A survey confirmed that NNPC outlets in Lagos are now selling petrol at N1,300 per litre, up from N1,118, a jump of N182. In Abuja, the price moved from N1,210 to N1,330 per litre, representing a rise of N120. These retail increases contrast with the recent depot-level declines, suggesting that the effect of lower depot prices may take time to reach consumers.
