•Rain Oil leads cuts with N18/litre reduction

•Diesel prices crash by up to N70/litre

By Udeme Akpan

Depot prices of Premium Motor Spirit (PMS), commonly known as petrol, eased across several terminals in Lagos yesterday as petroleum marketers adjusted prices amid shifting supply dynamics in Nigeria’s downstream oil market.

The latest market data showed a broad-based decline in Lagos, with most major depots reducing their ex-depot prices by between N1 and N18 per litre, while diesel prices recorded even steeper reductions in some locations.

The price movement comes as competition among petroleum product suppliers continues to influence market pricing, particularly with increased domestic refining capacity.

The Dangote Refinery remained relatively stable, with its Lagos PMS price inching up marginally from N1,175 per litre to N1,176 per litre, a difference of just N1.

However, several other terminals reduced prices. Rain Oil recorded the biggest cut among Lagos depots, lowering its petrol price by N18 from N1,180 to N1,162 per litre.

A.A Rano also reduced its price from N1,165 to N1,161 per litre, while AIPEC and Bono moved down from N1,165 to N1,160 per litre.

NIPCO cut its PMS price by N4 from N1,165 to N1,161 per litre, while AITEO adjusted slightly downward from N1,161 to N1,160 per litre.

Other terminals including Masters, Matrix, Sigmund and T.S.L also recorded declines, reinforcing the downward trend in the Lagos depot market.

Masters reduced petrol from N1,203 to N1,197 per litre, Matrix moved from N1,205 to N1,197 per litre, while Sigmund and T.S.L adjusted their prices from N1,200 to N1,195 per litre.

Despite the general decline in Lagos, some terminals in other regions recorded increases, reflecting regional supply and logistics differences. In Port Harcourt, Africanterminal raised its PMS price from N1,495 to N1,505 per litre, while Duport increased from N1,490 to N1,505 per litre.

Gulftreasure and T.Time were quoted at N1,505 per litre, while Dangote’s Port Harcourt terminal recorded a slight reduction from N1,501 to N1,500 per litre.

The diesel market recorded a more significant shift, particularly in Port Harcourt, where prices fell sharply at some depots. Matrix reduced automotive gas oil (AGO) from N1,630 to N1,560 per litre, representing a N70 drop, while Sigmund cut its diesel price by N68 from N1,628 to N1,560 per litre.

In Lagos, AGO prices also softened at some terminals, with Matrix reducing diesel from N1,630 to N1,560 per litre, while Sigmund moved from N1,628 to N1,560 per litre.

Meanwhile, Calabar recorded a slight upward movement in petrol prices. Mainland depot increased PMS from N1,187 to N1,190 per litre, while Northwest moved from N1,190 to N1,195 per litre.

The Chief Executive officer, Petroleumprice.com, Olatide Jeremiah, said the latest adjustments highlight the increasingly competitive nature of Nigeria’s petroleum products market, where local refining output, depot inventories and transportation costs continue to determine price movements.

He said: “With more domestic supply entering the market, especially from major refining facilities, marketers are expected to continue reviewing depot prices in response to changing supply conditions.

“The immediate impact on consumers will depend on how quickly the reductions at depot level translate into retail pump prices, as marketers factor in haulage expenses, operating costs and profit margins.”

Here is the story rewritten in the style of Vanguard Newspaper’s business reporting associated with Babajide Komolafe, with a stronger economic angle, policy context, and emphasis on investment and blue economy development.

Petrol Price Falls in Lagos as Rain Oil Slashes N18, Diesel Drops N70

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