Depot prices of Premium Motor Spirit (PMS), popularly known as petrol, declined across several terminals in Lagos on Monday as petroleum marketers adjusted prices in response to changing supply dynamics in Nigeria’s downstream oil market.
Latest market data showed a broad-based reduction in ex-depot prices across Lagos, with most major depots cutting prices by between N1 and N18 per litre. Diesel prices also recorded sharper declines at some locations.
The downward price movement comes amid intensifying competition among petroleum product suppliers, driven largely by increased domestic refining capacity.
The Dangote Refinery maintained relative price stability, with its Lagos ex-depot petrol price rising marginally by N1, from N1,175 to N1,176 per litre.
However, several other depots reduced their prices. Rain Oil recorded the biggest cut in Lagos, slashing its ex-depot petrol price by N18, from N1,180 to N1,162 per litre.
A.A. Rano reduced its price from N1,165 to N1,161 per litre, while AIPEC and Bono lowered theirs from N1,165 to N1,160 per litre.
NIPCO cut its PMS price by N4, from N1,165 to N1,161 per litre, while AITEO made a marginal adjustment from N1,161 to N1,160 per litre.
Other depots, including Masters, Matrix, Sigmund and T.S.L., also recorded price reductions, reinforcing the downward trend in the Lagos market. Masters reduced its ex-depot price from N1,203 to N1,197 per litre, while Matrix dropped from N1,205 to N1,197 per litre. Sigmund and T.S.L. both cut prices from N1,200 to N1,195 per litre.
Despite the general decline in Lagos, some depots in other parts of the country recorded increases, reflecting regional supply and logistics challenges.
In Port Harcourt, African Terminal raised its PMS price from N1,495 to N1,505 per litre, while Duport increased its price from N1,490 to N1,505 per litre. Gulf Treasure and T.Time were both quoted at N1,505 per litre, while Dangote’s Port Harcourt terminal recorded a slight reduction from N1,501 to N1,500 per litre.
The diesel market witnessed more significant adjustments, particularly in Port Harcourt, where prices fell sharply at some depots. Matrix reduced its Automotive Gas Oil (AGO) price by N70, from N1,630 to N1,560 per litre, while Sigmund cut its diesel price by N68, from N1,628 to N1,560 per litre.
In Lagos, diesel prices also softened, with Matrix lowering its AGO price from N1,630 to N1,560 per litre, while Sigmund reduced its price from N1,628 to N1,560 per litre.
Meanwhile, Calabar recorded slight increases in petrol prices. Mainland Depot raised its PMS price from N1,187 to N1,190 per litre, while Northwest increased its price from N1,190 to N1,195 per litre.
Chief Executive Officer of Petroleumprice.com, Olatide Jeremiah, said the latest price adjustments reflect the increasingly competitive nature of Nigeria’s petroleum products market, where local refining output, depot inventories and transportation costs continue to shape pricing.
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.
“The immediate impact on consumers will depend on how quickly the reductions at the depot level translate into lower retail pump prices, as marketers factor in haulage costs, operating expenses and profit margins.”
