Nigeria’s downstream petroleum market has seen further downward adjustments in Premium Motor Spirit (PMS, or petrol) depot prices. The Dangote Petroleum Refinery and several independent marketers have reduced rates at major depots in Lagos, Port Harcourt, Calabar, and Warri. These changes follow a recent softening in key international crude oil benchmarks.
The latest figures come from the depot price report tracked by Petroleumprice.ng. The most noticeable cuts appeared in Lagos, where several operators trimmed prices by roughly ₦20–₦25 per litre.
Why crude prices matter for Nigerian petrol
International crude movements influence the cost of both imported refined products and the pricing decisions of local refiners and marketers. When benchmarks such as Brent and West Texas Intermediate (WTI) ease, there is often room for wholesale (depot) prices to adjust lower—though foreign exchange rates, logistics, and individual margins still play major roles.
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According to market data referenced from Oilprice.com around the time of the report, Brent crude traded near $99.77 per barrel (having recently been higher, including a move toward $109 the prior week). WTI declined by about $1.20 (roughly 1.3%) to $91.17 per barrel. In contrast, Murban crude moved higher, rising $4.18 (about 3.8%) to $114.20 per barrel. Natural gas prices were also noted higher in related data.
These mixed signals highlight ongoing volatility in global oil markets driven by supply and demand factors. For Nigeria, softer Brent and WTI levels have provided some breathing room for depot price reductions.
Latest PMS depot prices by location
Lagos
• Dangote Refinery: reduced from ₦1,350 to ₦1,325 per litre (₦25 cut).
• Ascon, Integrated, Pinnacle, and Sahara: cuts of around ₦24, with prices settling near ₦1,326–₦1,327.
• MRS: ₦20 reduction to ₦1,332.
• Wosbab: listed at ₦1,330.
Port Harcourt
• Masters: ₦2 cut to ₦1,328.
• Stockgap: ₦7 reduction to ₦1,323.
• Bulk Strategic and Sigmund: ₦1,328.
• Matrix: held at ₦1,330.
Calabar
• Mainland: largest relative cut among those noted, down ₦7 to ₦1,320 (one of the lower rates reported).
• Alkanes: ₦2 reduction to ₦1,325.
• Matrix: maintained ₦1,330.
• Sobaz: slight increase of ₦1 to ₦1,328.
Warri
Movements were mixed but mostly downward:
• Keonamex: ₦3 cut to ₦1,327.
• Nepal: ₦1 reduction to ₦1,329.
• Prudent: ₦2 cut to ₦1,328.
• Matrix and Optima: small increases (₦3 and ₦1) to ₦1,330 and ₦1,328 respectively.
Diesel (AGO) also eased in places
Automotive Gas Oil (diesel) prices showed declines in several locations:
• Lagos: Chipet cut ₦15 to ₦1,815; Ascon, Duport, and Integrated each reduced ₦5 to the same level. Other offers (Ibachem, Ibeto, Dangote, Obat, Pinnacle) ranged roughly ₦1,815–₦1,860.
• Port Harcourt: Masters reduced more sharply by ₦35 to ₦1,900.
• Warri: Matrix cut ₦50 to ₦2,000; Prudent and Rain Oil reduced ₦10 to ₦1,940.
What this means for consumers and the market
Lower depot prices can eventually feed into retail pump prices as marketers restock, but the pass-through is not automatic or uniform. Retail petrol was recently trading in a broader range of about ₦1,370–₦1,450 depending on location, transport costs, and individual marketer margins. Further movement will depend on continued crude trends, naira exchange rates, and the cost of refined products.
The presence of the Dangote Refinery has already altered the dynamics of local supply. Price adjustments by both the refinery and independent marketers illustrate how global signals and domestic competition interact in Nigeria’s post-subsidy environment.
Prices remain subject to rapid change. Always check current rates at your local stations or reliable trackers, as depot figures are wholesale snapshots and can differ from what drivers ultimately pay.
Looking ahead
Continued volatility in global crude markets means further adjustments—up or down—are possible. Tracking both international benchmarks and local depot reports helps businesses and motorists anticipate costs. For ongoing coverage of Nigeria’s energy market, related factors such as refining capacity, FX pressure, and regional supply differences will remain important.
(Source: Petroleumprice.ng and Oilprice.com)
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