Market data showed that most major depots in Lagos reduced ex-depot prices by between ₦1 and ₦18 per litre, with diesel (automotive gas oil) also experiencing sharper declines in several locations. The movement highlights intensifying competition among petroleum marketers alongside rising domestic refining output.
The trend was not entirely uniform, but the general direction in Lagos pointed downward, with only minor exceptions.
Dangote Refinery Holds Steady Amid Market Adjustments
One of the most closely watched suppliers, Dangote Refinery, remained relatively stable. Its PMS price in Lagos edged up slightly from ₦1,175 per litre to ₦1,176 per litre, a marginal ₦1 increase that stood out against broader declines across competing depots.
Sharp Cuts From Major Lagos Depots
Several private terminals recorded notable reductions. Rain Oil led the declines, slashing its petrol price by ₦18 from ₦1,180 to ₦1,162 per litre.
A.A Rano adjusted downward from ₦1,165 to ₦1,161 per litre, while AIPEC and Bono both moved from ₦1,165 to ₦1,160 per litre. NIPCO reduced its PMS price by ₦4, and AITEO also made a slight downward adjustment to ₦1,160 per litre.
Other depots including Masters, Matrix, Sigmund, and T.S.L also recorded decreases. Masters dropped from ₦1,203 to ₦1,197 per litre, Matrix moved from ₦1,205 to ₦1,197 per litre, while Sigmund and T.S.L adjusted from ₦1,200 to ₦1,195 per litre.
Regional Contrast: Port Harcourt Sees Mixed Movements
Outside Lagos, pricing trends were less uniform. In Port Harcourt, Africanterminal raised its PMS price from ₦1,495 to ₦1,505 per litre, while Duport also increased from ₦1,490 to ₦1,505 per litre.
Gulftreasure and T.Time were both quoted at ₦1,505 per litre, while Dangote’s Port Harcourt terminal recorded a slight dip from ₦1,501 to ₦1,500 per litre, reflecting a more mixed pricing environment.
Diesel Market Records Steeper Drops
The diesel segment saw more pronounced changes, particularly in Lagos and Port Harcourt. Matrix and Sigmund both reduced automotive gas oil (AGO) prices significantly, with cuts bringing rates down to ₦1,560 per litre in multiple depots.
In Port Harcourt, Matrix lowered diesel from ₦1,630 to ₦1,560 per litre, while Sigmund reduced its price from ₦1,628 to ₦1,560 per litre, representing drops of more than ₦60 per litre.
Analysts Point to Rising Competition and Domestic Supply
According to the Chief Executive Officer of Petroleumprice.com, Olatide Jeremiah, the latest movements reflect a more competitive downstream environment driven by local refining output, inventory levels, and transport costs.
He said: “With more domestic supply entering the market, especially from major refining facilities, marketers are expected to continue reviewing depot prices in response to changing supply conditions.”
He added that the extent to which depot reductions affect consumers would depend on logistics and retail markups: “The immediate impact on consumers will depend on how quickly the reductions at depot level translate into retail pump prices, as marketers factor in haulage expenses, operating costs and profit margins.”