Petrol Depot Prices Fall to N1,266 in Lagos but Pump Prices Stay Above N1,300
By Aboki Forex —
Petrol depot prices in Lagos fell to between N1,266 and N1,280 per litre, but pump prices remain as high as N1,325 in some areas, according to the mid-day depot price report for Tuesday, September 8, 2026.
The lowest depot price of N1,266 is N44 below the N1,310 retail price reported at some filling stations. Motorists in Lagos and Abuja are still paying up to N1,325 per litre at some outlets, and the gap between loading costs and what consumers pay has become the centre of the discussion.
What depots are charging
In Lagos, Dangote Refinery and Pinnacle listed petrol at N1,266 per litre, while MRS quoted N1,267. Aiteo, Integrated and Sahara sold at N1,270, and Ascon and NIPCO were at N1,280 per litre.
Prices varied outside Lagos. In Calabar, depot prices ranged from N1,280 at Mainland to N1,300 at Fynefield, with Matrix selling at N1,290. In Warri, Nepal and Optima quoted 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.
Depots cutting prices
Several depot operators reduced their prices during the day. Integrated and Sahara lowered their Lagos prices by N9 each to N1,270 per litre, while Lister cut its price by N3 to N1,277.
In Warri, Bulk Strategic, Liquid Bulk and Masters cut prices by N10 per litre. Matrix reduced its price by N5, while Rain Oil recorded the largest reduction, slashing N20 to N1,280.
The reductions suggest competition among depot operators is helping to moderate wholesale petrol prices in some markets.
Why pump prices remain high
Industry operators say 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 moved 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 buy petrol at the same price or operate under identical cost structures. Location, transport expenses and individual commercial arrangements can therefore influence what consumers pay at different stations.
What it means
Market watchers are now waiting to see whether the decline in depot prices will eventually reach filling stations. The Federal Government has already urged petroleum marketers to cut prices in line with the recent fall in global crude oil prices. The minister of state for Petroleum said the government cannot fix fuel prices because the downstream sector is fully deregulated, adding that the NMDPRA will keep monitoring the market to prevent unfair pricing while insisting deregulation has improved fuel supply.