Nigeria Sees Fuel Price Drop as Depot Rates Decline

Nigeria's downstream petroleum market experienced a decline in fuel depot prices, with petrol (Premium Motor Spirit, PMS) dropping to ₦1,303 per litre and diesel (Automotive Gas Oil, AGO) shedding ₦100. According to a market report by Petroleumprice.ng, the average PMS price across monitored depots fell by ₦23.50 per litre from Monday to Friday, while diesel saw a more significant average decline of about ₦35.64 per litre.

In Lagos, the average petrol depot price decreased from ₦1,351 per litre to ₦1,327.50, with Sahara recording the largest reduction of ₦26. Diesel prices also saw substantial cuts, with Eterna reducing its price by ₦100 to ₦1,850.

The Lagos diesel depot average fell from ₦1,860 to approximately ₦1,824.36 per litre. Price reductions were also noted in Warri and Port Harcourt, indicating a softer market as it enters the new week, although the relationship between wholesale prices and filling station prices remains uncertain due to ongoing disputes over petrol import licenses and refinery allocations.