Private petroleum depot owners in Lagos have slashed the price of Premium Motor Spirit (PMS) by 14 percent, following Dangote Refinery’s latest reduction in petrol gantry prices, intensifying competition in Nigeria’s downstream market.
Market checks by Petroleumprice.ng on Monday show that several major private depots in Lagos have cut PMS prices to ₦710 per litre, down from an average of ₦828 per litre recorded just a week earlier.
The sharp adjustment reflects growing pressure from Dangote-linked marketers, who are currently selling PMS around ₦703 per litre, forcing nearby depots to respond quickly to avoid stock overhang and weak demand.
Lagos Depot Prices: Before and After
As of December 8, 2025, PMS prices at selected Lagos private depots stood as follows:
- Menj — ₦828
- Integrated — ₦826
- Bovas — ₦826
- A.A. Rano — ₦829
These prices placed the average PMS depot price at ₦828 per litre.
By December 15, 2025, the same depots reviewed prices downward:
- Menj — ₦710
- Integrated — ₦710
- Bovas — ₦710
- A.A. Rano — ₦710
The drop from ₦828 to ₦710 represents a ₦118 reduction per litre, translating to a 14.25 percent price cut.
Dangote Pressure Reshapes Lagos Market
Industry sources said the price adjustment was driven primarily by Dangote Refinery’s sustained gantry cuts and aggressive downstream pricing in Lagos, Nigeria’s largest fuel consumption hub.
Initially, private depots attempted to hold PMS prices around ₦800 per litre, but sluggish sales and rising competition forced a further reduction to ₦710, aligning closely with Dangote-linked supply levels.
“The Lagos market reacts faster because Dangote’s prices are cheaper here,” a depot operator said. “Once Dangote marketers began selling around ₦703 per litre, it became difficult to move volumes at higher prices.”
The development underscores how Dangote Refinery’s pricing strategy is increasingly dictating market behaviour, particularly in coastal and high-volume regions like Lagos.
Analysts say the rapid response by private depots highlights intensifying competition and signals further price realignments if Dangote sustains current supply levels through the festive period.