Motorists in Lagos are set to benefit from a significant reduction in Premium Motor Spirit (PMS), commonly known as petrol, depot prices as several major terminals adjusted their rates downwards. This broad-based decline, driven by intensifying competition and evolving supply dynamics within Nigeria’s downstream oil market, saw reductions ranging from N1 to a substantial N18 per litre across the commercial hub.
Lagos Sees Significant Fuel Price Drops
Leading the charge in price adjustments, Rain Oil implemented the most substantial cut among Lagos depots, slashing its petrol price by N18 per litre, bringing it down from N1,180 to N1,162. This aggressive move signals a responsive shift by marketers to prevailing market forces.
Other key players quickly followed suit. A.A Rano reduced its price from N1,165 to N1,161 per litre, while AIPEC and Bono terminals both adjusted downwards from N1,165 to N1,160 per litre. NIPCO also cut its PMS price by N4, moving from N1,165 to N1,161 per litre, with AITEO making a marginal downward adjustment from N1,161 to N1,160 per litre.
Further reinforcing this downward trend were other prominent terminals:
- Masters: Reduced petrol from N1,203 to N1,197 per litre.
- Matrix: Moved from N1,205 to N1,197 per litre.
- Sigmund and T.S.L: Adjusted their prices from N1,200 to N1,195 per litre.
In contrast to the widespread reductions, the Dangote Refinery’s Lagos PMS price experienced a marginal increase, inching up by N1 from N1,175 to N1,176 per litre, maintaining relative stability amidst the market flux.
Regional Variances: Port Harcourt and Calabar See Increases
While Lagos enjoyed price relief, the trend was not uniform across all regions. In Port Harcourt, some terminals recorded increases, reflecting unique regional supply and logistics considerations. Africanterminal raised its PMS price from N1,495 to N1,505 per litre, and Duport increased from N1,490 to N1,505 per litre. Gulftreasure and T.Time were also quoted at N1,505 per litre. Interestingly, Dangote’s Port Harcourt terminal recorded a slight reduction from N1,501 to N1,500 per litre.
Calabar also witnessed a slight upward movement in petrol prices, with Mainland depot increasing PMS from N1,187 to N1,190 per litre, and Northwest moving from N1,190 to N1,195 per litre.
Significant Drops in Diesel Prices Noted
The Automotive Gas Oil (AGO), or diesel, market experienced even more pronounced shifts, particularly in Port Harcourt. Matrix significantly reduced AGO from N1,630 to N1,560 per litre, a notable N70 drop. Sigmund followed suit, cutting its diesel price by N68 from N1,628 to N1,560 per litre.
Lagos also saw a softening of AGO prices. Matrix mirrored its Port Harcourt actions, reducing diesel from N1,630 to N1,560 per litre, while Sigmund adjusted from N1,628 to N1,560 per litre.
These latest adjustments underscore the dynamic and increasingly competitive landscape of Nigeria’s downstream oil sector. As domestic refining capacity expands and market forces exert greater influence, consumers can expect continued fluctuations, with regional supply chains playing a crucial role in pricing outcomes across the nation.