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Petrol and diesel depot prices in Lagos declined today, November 12, despite a rise in international crude oil prices following US President Donald Trump's rejection of a possible deal with Iran.
As at the time of writing 07:28 (WAT), Brent crude rose by 1.79 per cent to $94.42 per barrel, while West Texas Intermediate (WTI) gained 1.07 per cent to $87.46 per barrel as at 7:28 pm West Africa Time (WAT). Murban crude also increased by 1.66 per cent to $93.47 per barrel.
The average selling price of Premium Motor Spirit (PMS), amongst most monitored depots dropped by ₦29 per litre to ₦1,210 from ₦1,239 recorded on Wednesday. This represents a 2.34 per cent decline.
Similarly, the average selling price of Automotive Gas Oil (AGO), also known as diesel, fell by ₦11 per litre to ₦1,688 from ₦1,699, representing a 0.65 per cent decrease.
Petroleumprice.ng's daily depot price checks showed that African Terminal, Ascon and Integrated quoted PMS at ₦1,210 per litre, while Aiteo sold at ₦1,204 and Pinnacle at ₦1,200.
The diesel market recorded a uniform price across the depots monitored, with Integrated, Ascon, Duport, Gulf Treasure, African Terminal, Ibeto and Ibachem all quoting ₦1,688 per litre.
The decline in domestic depot prices came as international crude benchmarks advanced on Thursday, with traders reassessing the risk of a prolonged conflict in the Middle East after Trump ruled out the need for a negotiated settlement with Iran.
Trump, in a post on Truth Social, said the United States did not need an agreement with Iran, adding that the period when Washington needed a deal with Tehran had passed. His comments followed earlier statements suggesting that the conflict could be nearing an end, which had helped ease the geopolitical risk premium in crude markets.
Brent had retreated from a late-October high of about $118 per barrel as traders priced in the possibility of a de-escalation. However, Trump's latest remarks renewed concerns about the duration of the conflict and the security of crude and refined-product shipments through the Strait of Hormuz.
Despite Thursday's increase in crude prices, the lower depot quotations suggest that domestic wholesale fuel prices did not immediately follow the movement in the international market.
About the Author
Innocent Precious is a writer with a keen eye on Nigeria’s oil and gas sector, economic policy, and downstream petroleum developments. He translates complex industry trends, refinery operations, fuel pricing, tanker movements, and regulatory shifts into engaging, data-driven narratives. His work blends analytical depth with clarity, producing SEO-optimised content that informs, educates, and captivates readers. Passionate about storytelling, Goli Innocent bridges the gap between technical insights and public understanding, making the energy landscape accessible to all.
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