Fuel prices at major Lagos depots recorded a broad-based decline over the past two weeks, reflecting intensified competition within Nigeria’s downstream petroleum market and gradual adjustments to changing refinery and import parity conditions.
Market checks conducted by Petroleumprice.ng across key depot operators show that diesel prices declined more sharply than petrol between May 26 and June 10, 2026, as marketers responded to shifting supply levels and pricing benchmarks set by the Dangote Petroleum Refinery.
During the review period, diesel (Automotive Gas Oil) prices dropped from an average range of about ₦1,790–₦1,800 per litre on May 26 to between ₦1,688 and ₦1,700 per litre by June 10 across Lagos depots.
On May 26, Dangote Petroleum Refinery’s gantry price for AGO stood at ₦1,800 per litre, while depots such as Sahara, Duport, African Terminal, Ibeto, and Bono quoted between ₦1,770 and ₦1,798 per litre. In Port Harcourt, prices also remained elevated, with levels ranging between ₦1,770 and ₦1,800 per litre.
By June 10, however, diesel prices had eased significantly across Lagos depots. Sahara, Duport and Ibeto all sold at ₦1,688 per litre, while Wosbab quoted ₦1,690 per litre. Aiteo priced AGO at ₦1,694 per litre, and Dangote’s gantry price was recorded at ₦1,700 per litre.
The movement represents a decline of about 5.7 per cent in diesel prices within the two-week period, making AGO the most affected product in the current pricing cycle.
Petrol (Premium Motor Spirit) also recorded a downward adjustment, though at a more moderate pace.
On May 26, PMS prices across Lagos depots largely hovered around ₦1,275–₦1,276 per litre, with Dangote, Bono, African Terminal, Integrated, Ascon, and Quest all selling within that range.
By June 10, petrol prices had eased to between ₦1,245 and ₦1,250 per litre across major depots. Nipco sold at ₦1,245 per litre, Aiteo and Ardova ranged between ₦1,245 and ₦1,246 per litre, while Bono, Ascon, African Terminal, Integrated, and Aipec all quoted around ₦1,247 per litre. Dangote’s gantry price stood at ₦1,250.5 per litre.
This reflects a decline of just over 2 per cent in petrol prices over the two-week period.
Analysis of the pricing trend indicates that diesel experienced stronger downward pressure compared to petrol, highlighting tighter competition and faster repricing in the AGO segment. Market participants attribute this to improved product availability and more aggressive depot-level price adjustments aimed at sustaining volumes.
The narrowing spread between refinery gantry prices and depot selling rates further underscores the increasingly competitive nature of Nigeria’s downstream market, where operators are adjusting quickly to protect market share in a price-sensitive environment.
Overall, while the reductions remain relatively modest on a per-litre basis, the sustained downward movement signals a more responsive pricing structure across depot operators. If current supply conditions persist, market watchers expect further price realignments in the coming weeks as competition continues to intensify.