Nigeria’s downstream petroleum market recorded widespread depot price reductions between Monday, October 26, and Friday, October 30, as competition and changing supply conditions influenced wholesale prices across major distribution hubs.
Lagos recorded the steepest reductions, with average petrol prices falling by ₦81.67 per litre and diesel prices declining by ₦80. The reductions came as Dangote consurtuim marketers cut its petrol gantry price by ₦55 to ₦1,210 per litre on Friday. Meanwhile, Brent crude rose from $115.81 per barrel on Monday to $117.64 on Friday amid renewed concerns over the Iran conflict and possible disruptions to Middle East oil supplies.
LAGOS DEPOTS
PMS (Monday–Friday movement)
African Terminal: ₦1,340 → ₦1,260 (-₦80)
Ardova: ₦1,340 → ₦1,260 (-₦80)
Aiteo: ₦1,340 → ₦1,255 (-₦85)
Petrol prices declined across major depots. Aiteo recorded the largest reduction at ₦85 per litre, while African Terminal and Ardova each reduced prices by ₦80. The average price fell by ₦81.67 to ₦1,258.33 per litre.
AGO (Monday–Friday movement)
Rain Oil: ₦1,900 → ₦1,805 (-₦95)
Integrated: ₦1,900 → ₦1,810 (-₦90)
African Terminal: ₦1,900 → ₦1,810 (-₦90)
Ibeto: ₦1,860 → ₦1,810 (-₦50)
Wosbab: ₦1,900 → ₦1,805 (-₦95)
Gulf Treasure: ₦1,900 → ₦1,810 (-₦90)
Duport: ₦1,900 → ₦1,810 (-₦90)
T.Time: ₦1,850 → ₦1,810 (-₦40)
Diesel prices declined across major depots. Rain Oil and Wosbab recorded the largest cuts of ₦95 per litre, while T.Time recorded the smallest reduction at ₦40. The average price dropped by ₦80 to ₦1,808.75 per litre.
WARRI DEPOTS
PMS (Monday–Friday movement)
Matrix: ₦1,352 → ₦1,300 (-₦52)
Parker: ₦1,350 → ₦1,300 (-₦50)
Prudent: ₦1,355 → ₦1,300 (-₦55)
Petrol prices declined across all major depots. Prudent recorded the largest reduction at ₦55 per litre, while the average price fell by ₦52.33 to ₦1,300.
AGO (Monday–Friday movement)
Matrix: ₦1,900 → ₦1,840 (-₦60)
Prudent: ₦1,900 → ₦1,850 (-₦50)
Diesel prices declined at major depots, with Matrix recording a ₦60 reduction and Prudent cutting its price by ₦50 per litre.
PORT HARCOURT DEPOTS
PMS (Monday–Friday movement)
Matrix: ₦1,340 → ₦1,300 (-₦40)
Masters: ₦1,336 → ₦1,280 (-₦56)
Bulk Strategic: ₦1,339 → ₦1,296 (-₦43)
Stock Gap: ₦1,335 → ₦1,295 (-₦40)
Petrol prices declined across all major depots. Masters recorded the largest reduction at ₦56 per litre, while the average price fell by ₦44.75 to ₦1,292.75.
CALABAR DEPOTS
PMS (Monday–Friday movement)
Matrix: ₦1,340 → ₦1,298 (-₦42)
Soroman: ₦1,340 → ₦1,300 (-₦40)
Depots reduced their petrol prices, with Matrix recording the larger cut. The average price declined by ₦41 to ₦1,299 per litre.
MARKET OUTLOOK
Depot prices declined across all the locations, with Lagos recording the largest reductions. The movement highlights the influence of product availability and competition, particularly in Lagos, where marketers adjusted prices to remain competitive.
Dangote Refinery’s ₦55 reduction in its petrol gantry price added pressure on other suppliers to review their offers. However, the rise in Brent crude to $117.64 per barrel could increase replacement costs if the rally persists.
The coming week’s depot prices will depend on further Dangote price adjustments, international crude movements, product supply and competition among marketers.