Lagos Depots Slash Petrol Prices by ₦24 Per Litre

On Tuesday, petrol prices at major depots in Lagos decreased by as much as ₦24 per litre, with Ascon, Integrated, and Sahara depots reducing their prices from ₦1,351 to ₦1,327 per litre. Pinnacle and MRS also cut their prices, while Dangote Refinery maintained its price at ₦1,325 per litre.

In Port Harcourt, Ascon and Integrated reduced their prices by ₦5, while in Calabar, Mainland and Alkanes made smaller reductions. Diesel prices saw larger cuts, with Matrix depot in Warri lowering its price by ₦50 to ₦2,000 per litre.

A petroleum products marketer indicated that these depot price reductions could pressure filling stations to lower their pump prices, although motorists might not see immediate changes due to existing stocks purchased at higher prices. Competition among filling stations may accelerate the transfer of lower depot prices to consumers.