Petrol Depot Prices Drop, Retail Rates Remain High

On September 8, 2026, depot prices for Premium Motor Spirit (PMS) in Lagos were reported between N1,266 and N1,280 per litre. Major depot operators included Refinery and Pinnacle at N1,266, MRS at N1,267, and others like Aiteo, Integrated, and Sahara at N1,270.

The lowest depot price of N1,266 is N44 below some retail prices, which reach up to N1,325 at certain filling stations. In Warri, depot prices varied, with Nepal and Optima at N1,275, and others like Parker and Prudent at N1,280.

Several depot operators reduced their prices, with Integrated and Sahara lowering theirs by N9 to N1,270, while Rain Oil made the largest cut of N20 to N1,280. Despite these reductions, filling stations have not reflected similar decreases, attributed to additional costs such as transportation and storage.

Market observers are monitoring whether the decline in depot prices will lead to lower retail prices at filling stations.