A sharp downturn in global oil prices is beginning to ripple through Nigeria’s downstream petroleum market, raising expectations of further reductions in fuel prices in the coming days.
Checks by Petroleumprice.ng show that Brent has slumped to around $85.18 per barrel, while traded near $80.81, both recording steep declines of over 13 percent in intraday trading.
Against this backdrop, Dangote Petroleum Refinery has moved to adjust its refined product pricing template. According to the refinery’s latest pricing structure released on March 10, 2026, the gantry price of Premium Motor Spirit (PMS) has been reduced by ₦100 to ₦1,075 per litre, down from the previous ₦1,175 per litre.
The refinery also announced that coastal PMS supply will now be sold at ₦1,050 per litre, reflecting a slightly lower price for marine distribution channels.
Similarly, the price of Automotive Gas Oil (AGO), commonly known as diesel, has been cut significantly to ₦1,430 per litre at the gantry, representing a ₦190 reduction from the earlier rate of ₦1,620 per litre.
Depot Prices Still Lag Behind
Despite the refinery’s downward price adjustments, depot prices across several major Nigerian supply hubs remain elevated, highlighting the lag between refinery pricing signals and actual market distribution.
In Lagos depots, PMS is still trading between ₦1,180 and ₦1,200 per litre, with Rain Oil, Matrix and Menj depots quoting around that range. Diesel prices in Lagos remain relatively stable at about ₦1,400 per litre across depots such as Ibeto, Sahara, T-Time, African Terminal, Duport and Integrated.
In Warri, PMS prices hover around ₦1,200 per litre at depots including Parker, Zamson and Danmarna, while AGO prices remain higher at approximately ₦1,640 per litre.
Further south, Calabar depots are selling PMS at about ₦1,195 per litre, while in Port Harcourt, PMS prices are around ₦1,150 per litre, indicating mild regional variations in supply costs and logistics.
Market Signals Point to Further Price Adjustments
Industry analysts say the sharp fall in crude oil prices is likely to trigger additional adjustments in refined fuel pricing, particularly as Nigeria increasingly relies on domestic refining capacity.
Petroleumprice.ng had earlier projected that depot prices could decline by as much as 20 percent if the downward trend in global crude prices persists. With Brent crude already sliding toward the $82 range during trading, analysts say the market may still see deeper corrections.
If the current trajectory continues, marketers and depot operators may be forced to reprice inventories, suggesting that fuel prices could drop even further in the coming days as lower crude costs begin to filter through Nigeria’s petroleum supply chain.