Petrol depot prices have dropped by as much as ₦24 per litre in Lagos, raising expectations that filling stations may begin reducing pump prices as they restock with cheaper products. According to the latest depot price data reported by Vanguard, Ascon, Integrated and Sahara reduced their petrol prices from ₦1,351 to ₦1,327 per litre, while Pinnacle cut its price from ₦1,350 to ₦1,326. MRS also reduced its price from ₦1,352 to ₦1,332, while Dangote Refinery retained its price at ₦1,325 per litre.

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The reductions were also recorded in other parts of the country, although the cuts were smaller than those in Lagos. In Port Harcourt, Ascon and Integrated reduced their prices by ₦5 to ₦1,815 per litre, while Calabar and Warri depots also recorded marginal reductions. The diesel market witnessed sharper declines, with Matrix depot in Warri cutting its Automotive Gas Oil price by ₦50, from ₦2,050 to ₦2,000 per litre, while Masters in Port Harcourt reduced its price from ₦1,935 to ₦1,900.

A petroleum products marketer told Vanguard that the lower depot prices could put pressure on filling stations to review their pump prices, particularly those buying directly from the affected depots. However, motorists may not see immediate or uniform reductions because some retailers still have products purchased at higher prices. The marketer explained that transportation costs, operating expenses, retail margins, crude oil prices and exchange-rate movements could also determine how much of the depot price reduction is eventually passed on to consumers.