Fuel Prices Fall Across Nigeria as Dangote Adjusts Rate 

Nigeria’s downstream petroleum market ended the week with widespread price reductions as marketers cut petrol and diesel depot rates across major coastal markets, offering signs of easing wholesale fuel costs.

Petrol, officially known as Premium Motor Spirit (PMS), declined across monitored depots in Lagos, Warri, Port Harcourt and Calabar, while Automotive Gas Oil (AGO), or diesel, also recorded significant reductions.

According to a market report by Petroleumprice.ng, the average PMS price across monitored Lagos depots fell by ₦23.50 per litre between Monday and Friday. Diesel recorded an even steeper average decline of about ₦35.64 per litre.

The reductions came during another volatile week for international crude oil prices, with Brent climbing above $106 per barrel before retreating below $100 and subsequently recovering above the $100 mark.

Lagos petrol prices drop as Dangote adjusts rate

In Lagos, the average petrol depot price fell from ₦1,351 per litre on Monday to ₦1,327.50 on Friday.

Sahara recorded the biggest reduction, cutting PMS from ₦1,351 to ₦1,325 per litre, a ₦26 decline. Pinnacle lowered its price by ₦24.50 to ₦1,325.50, while MRS Tincan reduced its rate by ₦20 to ₦1,332.

The Lagos average remained ₦2.50 above Dangote Refinery’s revised gantry price of ₦1,325 per litre.

However, the market remains sensitive to the dispute surrounding petrol import licences and refinery allocations, factors that could determine supply and wholesale prices in the coming days.