BREAKING: Petrol Depot Prices Crash — Relief At Last For Nigerians Details Inside

The average depot price of Premium Motor Spirit (PMS), also known as petrol, dropped marginally on Tuesday to ₦880.5 per litre from ₦881.5, amid increasing competition among suppliers in Nigeria’s deregulated downstream market.....KINDLY READ THE FULL STORY HERE▶

Major private depot operators such as Matrix, A.Y.M. Shafa, and Sigmund Zamson, which operate primarily in Warri, Delta State, and Calabar, Cross River State, reviewed their ex-depot price downward from ₦890 to ₦889 per litre.

Similarly, the Dangote Petroleum Refinery reduced its gantry price to ₦872 per litre, down by ₦1 from its previous ₦873 rate, while Pinnacle Oil and Gas maintained its pricing at ₦872 per litre.

The latest adjustments come as market competition intensifies following the full deregulation of the petroleum sector.

Last week, the Major Energies Marketers Association of Nigeria (MEMAN) estimated the landing cost of petrol at ₦829.77 per litre, representing a 5.69% decline compared to Dangote’s earlier gantry rate of ₦877 per litre.

However, despite the drop at depot level, retail prices at filling stations in Lagos — including MRS, Ardova, and NNPC Limited — remained between ₦920 and ₦922 per litre, indicating that consumers are yet to benefit from the lower wholesale prices.

Industry analysts attribute the slow retail response to persistent foreign exchange pressures, with the naira trading at ₦1,443.77/$ on the black market as of Tuesday.

According to MEMAN’s latest Energy Bulletin, fluctuations in the Brent crude benchmark, currently at $67.02 per barrel, continue to influence local fuel pricing.

The bulletin stated:

“The average 30-day price for PMS was ₦829.77 per litre, while spot prices stood at ₦815.38 (ASPM) and ₦815.40 (NPSC-NOJ) per litre. Diesel (AGO) averaged ₦974.50 per litre, and Aviation Turbine Kerosene (ATK) ₦962.53 per litre during the same period.”

Commenting on the development, Mazi Colman Obasi, National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), said the price shifts highlight the realities of a liberalized market.

He explained:

“With deregulation now in effect, competition is the natural outcome. This will eventually provide consumers with more choices and better market stability.”