Introduction

Nigeria's petrol market is witnessing a significant price correction as oil marketers begin reducing pump prices following a sustained decline in depot costs. The latest adjustments bring retail prices down to N1,350 per litre in many areas, offering relief to motorists amid softer global crude markets.

What Happened

Major marketer MRS has cut its Lagos retail price by N20, bringing petrol down to N1,350 per litre from N1,370. Independent marketers have also reduced prices to around N1,360, down from above N1,380. According to the Daily Depot Price Intelligence Report, depot rates have softened considerably, with PMS selling as low as N1,303 per litre in Port Harcourt. In Lagos, key depots including A.A Rano, AIPEC, Bovas, Dangote, Emadeb, Sahara, and Wosbab were listed at N1,325 per litre. Regional averages show the pump price at N1,326 per litre in Lagos, N1,318 in Calabar, N1,315 in Warri, and N1,303 in Port Harcourt.

Why This Matters

The downward trend in pump prices reflects a broader softening in the fuel supply chain. International benchmark crude prices, including Brent and West Texas Intermediate, have declined sharply, putting downward pressure on local costs. For Nigerian drivers, even a N20 or N30 reduction per litre translates to meaningful savings over time, especially for high-mileage users. The shift also signals the market's responsiveness to global oil movements without full subsidy intervention.

Key Takeaways

  • Petrol prices have dropped to as low as N1,350 per litre, down from N1,370 just days prior.
  • Depot rates in Port Harcourt reached a low of N1,303 per litre, the lowest monitored across the market.
  • Independent marketers are pricing petrol around N1,360, reflecting competitive pressure.
  • Regional price differences persist, with Lagos averaging N1,326 and Port Harcourt N1,303.
  • International crude declines are the primary driver behind the local price adjustments.

Conclusion

With depot costs continuing to fall, further price adjustments at the pump are likely in the coming weeks. Motorists should stay alert for additional reductions, particularly as international markets remain volatile. The current trend underscores the importance of monitoring depot reports for anyone tracking Nigeria's fuel economy.