Petrol Depot Prices Drop Again: Marketers Release New Lower Rates Across Lagos, Port Harcourt, Warri
By Aboki Forex —
Petrol depot prices fell across major hubs in Lagos, Port Harcourt and Warri on Monday, July 27, as depot owners reduced ex-depot loading rates by between N5 and N25 per litre. The cuts follow recent retail price reductions by NNPC and Dangote Refinery partner stations, adding more downward pressure on fuel costs.
Depot Cuts Across 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. Liquid Bulk moved from N1,270 to N1,256. Masters dropped from N1,275 to N1,260. 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. Data from Petroleumprice.ng provided the figures.
Port Harcourt and Warri Follow
Port Harcourt depots also cut prices. Hong Petroleum reduced its ex-depot price from N1,255 to N1,246 per litre. 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 reduced its rate by N24 to N1,246. Rain Oil trimmed its loading price by N5 to N1,268 per litre.
Below is a snapshot of current ex-depot prices on Monday: Lagos: Bulk Strategic N1,250, Liquid Bulk N1,256, Masters N1,260, Matrix N1,255, Sigmund N1,250, T.S.L N1,250. Port Harcourt: Hong Petroleum N1,246, Mainland N1,250. Warri: Optima N1,245, Matrix N1,246, Rain Oil N1,268.
What the Drop Means for Consumers and the Naira
Industry observers say the continued softening of depot prices creates room for marketers to pass savings down to retail customers, provided competition 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.