Diesel prices drop sharply across Nigeria as supply overwhelms demand. Marketers in Lagos, Warri, Calabar and Port Harcourt aggressively slash prices to stay competitive, triggering a nationwide depot price war.
Despite a rebound in global crude oil prices, domestic diesel rates continue to fall. This signals that Nigeria’s local diesel market now responds more to supply pressure than international benchmarks.
Lagos Depots Slash Diesel Prices
In Lagos, 18 depots have dropped their Automotive Gas Oil (AGO) prices, some as low as ₦923 per litre.
- NIPCO: ₦945
- Bono, Eternal, Wosbab, Duport: ₦930
- T.Time, Chipet, Mao, Integrated, Ibeto, Ibachem, Africa Terminal: ₦925–₦928
- Emadeb, Menj: ₦923
- Rain Oil: ₦933
- Pinnacle: ₦932
- Dangote: ₦935
- Gulf Treasure: ₦928
These price drops reflect the impact of recent tanker discharges that have swelled fuel inventories across the Lagos axis. As marketers race to sell, consumers gain.
Warri Depots Match the Trend
In Warri, depot operators continue the downward slide, selling AGO between ₦959 and ₦962 per litre.
- Optima, Zamson, Matrix, Shafa, Prudent: ₦960
- Edo Refinery: ₦962
- Parker, Pinnacle: ₦959
Heavy fuel inflow from recent tanker activity has pressured depots to keep rates low to move stock quickly.
Port Harcourt and Calabar Hold Higher Ground
Port Harcourt’s Bulk Strategic depot still sells AGO at ₦992, while Fynefield in Calabar holds the highest recorded price at ₦1005 per litre. However, with lower-priced fuel entering neighbouring zones, these figures may not last long.
Why Diesel Prices Drop Despite Rising Crude
While Brent crude has declined to $62, Nigerian petroleum market reacts to oversupply and depot rivalry. In a recent industry conversation, insiders confirmed that prices fall because supply now outweighs demand. Too many depots have full tanks, and no one wants to be stuck with unsold stock.
What to Expect Next
As tankers continue to offload products, diesel prices may drop further before stabilising. Buyers can expect continued relief, while marketers must adjust to narrower profit margins.