The ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, has declined across several fuel depots in Lagos as petroleum marketers adjust to changing market conditions.
According to reports, the latest pricing data showed that many major depots reduced their petrol prices by between N1 and N18 per litre. Diesel prices also recorded notable reductions in some locations.
The price adjustments are believed to be driven by increasing competition among fuel suppliers and the growing impact of local refining activities in Nigeria’s downstream petroleum sector.
While most depots reduced their rates, the Dangote Refinery maintained relatively stable pricing. Its Lagos ex-depot petrol price increased slightly by N1, moving from N1,175 per litre to N1,176 per litre.
Among the depots that recorded reductions, Rain Oil made the largest cut, lowering its petrol price by N18 per litre from N1,180 to N1,162.
Other marketers also adjusted their prices downward. A.A. Rano reduced its rate from N1,165 to N1,161 per litre, while AIPEC and Bono both lowered their prices from N1,165 to N1,160 per litre.
Similarly, NIPCO cut its petrol price by N4 per litre, reducing it from N1,165 to N1,161, while AITEO made a slight adjustment from N1,161 to N1,160 per litre.
The latest reductions are expected to be welcomed by marketers and consumers alike as competition and increased domestic refining continue to shape fuel pricing across the country.
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