The reopening of the Strait of Hormuz has unsettled global oil markets, easing earlier supply fears but triggering a sharp drop in crude prices that has quickly spilled into Nigeria’s downstream sector. The move has created fresh uncertainty among depot operators and marketers already dealing with volatile pricing conditions.
Checks by Petroleumprice.ng across depots nationwide showed that prices were higher earlier in the day but softened at closing as international crude benchmarks declined. In Lagos, PMS settled at ₦1,205 per litre at Nipco and ₦1,206 at Aiteo, while AGO closed at ₦1,775 per litre at Menj and Duport. In Calabar, PMS (Soroman) closed at ₦1,229 and AGO (Fynefield) at ₦1,855. Port Harcourt recorded PMS at ₦1,230 (Matrix) and AGO at ₦1,870 (Matrix), while Warri saw PMS at ₦1,228–₦1,230 and AGO at ₦1,830–₦1,835 across Nipco, Prudent, Pinnacle, and Nepal.
The market reaction is being driven by falling global crude prices, with traders adjusting quickly as expectations shift. The decline has forced depot operators to reflect softer closing prices compared to earlier intraday levels, as sentiment turned bearish towards the end of trading.
As at the time of writing 08:15 PM (WAT), Brent crude fell 8.64% to $90.80 per barrel, while West Texas Intermediate (WTI) dropped 10.56% to $84.69 per barrel, deepening fears that further declines could trigger a broader price correction in the coming days.
Market operators say panic selling is already building across depots, with marketers rushing to offload stocks while buyers hold back purchases.
There are growing expectations that by next week, prices may be reviewed downward in line with international benchmarks, while refiners such as the Dangote Petroleum Refinery could also adjust ex-depot rates if the bearish trend continues.