Petrol prices softened across major depots on Friday, offering a rare breather for the downstream market as global crude prices eased following a ceasefire agreement between the United States and Iran.
The de-escalation has reduced supply risk premiums, triggering a downward adjustment in refined product pricing.
At the beginning of the trading week (07/04/2026), depot prices reflected a broadly elevated range across regions. Lagos averaged ₦1,225/litre, Port Harcourt averaged ₦1,235/litre, Warri averaged ₦1,242/litre, while Calabar averaged ₦1,240/litre, highlighting the higher cost environment before the current easing.
Across key supply hubs, current depot prices now reflect a modest but coordinated drop, signalling improved market sentiment and reduced replacement cost pressure.
LAGOS DEPOTS
PMS
Aiteo — ₦1,208
Nipco — ₦1,210
A.A Rano — ₦1,210
PORT HARCOURT DEPOTS
PMS
Sigmund — ₦1,225
Bulk Strategic — ₦1,223
WARRI DEPOTS
PMS
Matrix — ₦1,235
Danmarna — ₦1,234
A.Y.M Shafa — ₦1,234
CALABAR DEPOTS
PMS
Wabeco — ₦1,223
Sobaz — ₦1,223
Soroman — ₦1,223
Market Insight
The price moderation is directly linked to the recent dip in crude oil benchmarks, as the ceasefire between the U.S. and Iran eased tensions around critical oil routes, particularly the Strait of Hormuz.
With supply fears temporarily subdued, the market has begun to shed part of the geopolitical premium that drove prices upward in previous sessions.
This has translated into lower landing costs and a more relaxed pricing posture among depot owners. The week-on-week movement shows a gradual but consistent decline, suggesting that the market is beginning to rebalance after a prolonged period of volatility.
Outlook
While the current decline offers short-term relief, the market remains highly sensitive to geopolitical developments. Any breakdown in the ceasefire or renewed disruption to supply routes could quickly reverse the trend.
For now, however, the signal is clear—the downstream market is responding swiftly to global cues, and with crude prices easing, petrol prices may stabilise or decline further in the near term, provided the fragile peace holds.
At the retail end, the impact is already becoming visible. Our correspondent spotted pump prices easing, with MRS, Igando Road selling at ₦1,245, while Mobil, Isheri was also at ₦1,245, confirming that the downward trend is gradually filtering through to consumers.