Depot Petrol, Diesel Prices Fall in Lagos, Warri, Port Harcourt and Calabar
By Aboki Forex —
Petrol and diesel depot prices fell across Lagos, Warri, Port Harcourt and Calabar, offering signs of softer wholesale fuel costs. Diesel recorded the steepest cuts, including a ₦100 per litre reduction in Lagos, while petrol reached ₦1,303 per litre in Port Harcourt.
According to a market report by Petroleumprice.ng, the average petrol (PMS) price across monitored Lagos depots fell by ₦23.50 per litre between Monday and Friday. Diesel, or Automotive Gas Oil (AGO), recorded an even steeper average decline of about ₦35.64 per litre. The reductions came during another volatile week for international crude, with Brent climbing above $106 per barrel before retreating below $100 and then recovering above the $100 mark.
Lagos depots lead petrol cuts
In Lagos, the average petrol depot price fell from ₦1,351 per litre on Monday to ₦1,327.50 on Friday. Sahara recorded the biggest reduction, cutting PMS from ₦1,351 to ₦1,325 per litre, a ₦26 decline. Pinnacle lowered its price by ₦24.50 to ₦1,325.50, while MRS Tincan reduced its rate by ₦20 to ₦1,332.
The Lagos average remained ₦2.50 above Dangote Refinery's revised gantry price of ₦1,325 per litre. The market remains sensitive to the dispute surrounding petrol import licences and refinery allocations, factors that could shape supply and wholesale prices in the coming days.
Diesel saw some of the sharpest cuts. Eterna slashed its AGO price by ₦100 per litre, from ₦1,950 to ₦1,850. Rain Oil reduced its rate by ₦50 to ₦1,900, while Integrated and Duport each cut prices by ₦30 to ₦1,790. Ibachem dropped by ₦25 to ₦1,790, while Ibeto fell ₦15 to ₦1,800. Pinnacle was virtually unchanged at ₦1,850.50. Overall, the Lagos diesel depot average declined from ₦1,860 to about ₦1,824.36 per litre.
Warri, Port Harcourt, Calabar follow
Price reductions were also recorded outside Lagos. In Warri, Matrix lowered petrol from ₦1,327 to ₦1,316, Nepal dropped from ₦1,330 to ₦1,315, while Keonamex cut its rate by ₦14 to ₦1,316. Rain Oil's diesel price also declined by ₦40 to ₦1,910.
Port Harcourt recorded some of the lowest petrol quotations among the monitored coastal markets. Masters and TSL each reduced PMS by ₦27, from ₦1,330 to ₦1,303 per litre. Bulk Strategic also cut diesel by ₦38 to ₦1,890.
In Calabar, Alkanes reduced petrol by ₦17 to ₦1,310, while Soroman lowered its price by ₦5 to ₦1,325.
The widespread reductions mean the coastal depot market enters the new week on a softer footing, although lower wholesale prices do not automatically translate into identical reductions at filling stations.
What it means for pump prices
International crude prices, refinery allocations, imported cargoes, available inventories and marketers' replacement costs will remain key in determining the direction of pump prices. Brent's retreat from the week's highs could ease some replacement-cost pressure, but renewed Middle East supply concerns or another sharp rise in crude prices could quickly change the outlook.
For Nigerian consumers, the key question is whether the latest depot cuts eventually filter through to filling stations and provide meaningful relief at the pump.