Petrol depot prices in Lagos dropped to between N1,266 and N1,280 per litre on Tuesday, September 8, 2026, according to the latest mid-day depot price report. Despite the decline in wholesale prices, retail pump prices remain high, with some filling stations in Lagos and Abuja selling petrol for as much as N1,325 per litre.
Lagos Depots Record Lower Petrol Prices
The mid-day report showed that Dangote Refinery and Pinnacle listed petrol at N1,266 per litre, while MRS quoted N1,267. Aiteo, Integrated and Sahara sold at N1,270, while Ascon and NIPCO were at N1,280 per litre. The N1,266 lowest depot price is N44 below the N1,310 retail price reported at some filling stations.
In Calabar, depot prices ranged from N1,280 at Mainland to N1,300 at Fynefield, while Matrix sold at N1,290. Warri also recorded varying prices, with Nepal and Optima quoting N1,275 per litre. Parker and Prudent sold at N1,280, while A.Y.M. Shafa and Matrix quoted N1,287 and N1,290 respectively.
Several Depots Cut Prices
Several depot operators reduced their petrol prices during the day. Integrated and Sahara lowered their Lagos prices by N9 each to N1,270 per litre, while Lister reduced its price by N3 to N1,277. In Warri, Bulk Strategic, Liquid Bulk and Masters cut their prices by N10 per litre. Matrix reduced its price by N5, while Rain Oil recorded the largest reduction, slashing its price by N20 to N1,280.
The reductions suggest that competition among depot operators is helping to moderate wholesale petrol prices in some markets.
Why Pump Prices Remain Higher
Despite the lower depot prices, motorists are yet to see a similar reduction at many filling stations. Industry operators explained that the depot price is only one part of the final cost of petrol. Transportation, storage, handling, distribution and station operating expenses can add significantly to the retail price, particularly when products are transported over long distances.
An industry source said the additional costs incurred after petrol leaves the depot can widen the difference between wholesale and pump prices. Another downstream operator noted that filling stations do not necessarily purchase petrol at the same price or operate under identical cost structures. Location, transportation expenses and individual commercial arrangements can therefore influence how much consumers pay at different stations.
Market watchers are now looking to see whether the recent decline in depot prices will eventually translate into cheaper petrol at filling stations.
