Diesel prices have dropped across several major fueling stations in Lagos, offering relief to businesses and individuals who rely on diesel for daily operations.
At Blenvic, diesel now sells for ₦980 per litre. The NNPC station in Igando lists diesel at ₦990 per litre. On LASU Isheri Road, Mobil sells at ₦1,000, while Petrocam has adjusted its pump price to ₦999 per litre. Another Mobil station in Idowu Egba sells diesel at ₦985 per litre, underscoring the ongoing price cut trend in key retail locations.
Depot Prices Fuel Retail Reductions
Depot-level prices are driving this decline. In Lagos, the lowest diesel depot prices come from:
- NIPCO Lagos – ₦915 per litre
- EMADEB – ₦915 per litre
- MENJ – ₦915 per litre
- IBETO – ₦917 per litre
- CHISCO – ₦917 per litre
These prices have enabled retailers to reduce pump prices. With easier access to lower-priced diesel, marketers are passing on the cost savings to consumers.
Depot operators attribute the drop to a mix of factors. These include stable foreign exchange rates, increased product availability, and improved supply flows from local refineries and import channels. Falling global oil prices have also helped reduce the cost of diesel procurement.
Relief for Transporters and Hopes for Broader Impact
Lower diesel prices benefit transporters, logistics companies, and industrial users. As fuel costs decline, businesses may begin to see reduced operating expenses. This could eventually translate into lower prices for goods and services across the economy.
Market watchers say continued stability in supply and FX could support further price reductions. However, they urge stakeholders to monitor prices as global and local market forces continue to shift.