Private depot owners have begun reducing fuel prices despite the continued rise in international crude oil prices, intensifying competition in Nigeria’s downstream petroleum sector, according to Legit.
Brent crude and West Texas Intermediate (WTI) crude are currently trading between $102 and $107 per barrel, increasing pressure on refined petroleum product prices globally and influencing petrol and diesel pricing in Nigeria, despite improved local supply conditions.
Although local refining capacity has improved with the operations of the Dangote Refinery, depot prices in Nigeria are still being influenced by a combination of global crude oil trends and domestic market realities.
Petroleum products, including Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), otherwise known as diesel, have experienced price fluctuations across several depots nationwide, with many recording noticeable reductions.
Diesel prices record significant drop
Data from depots across Nigeria as of May 12, 2026, showed sharp declines in diesel prices in Lagos, Warri, and Port Harcourt.
In Lagos, Rain Oil Limited and AA Rano both reduced diesel prices by ₦50 per litre, representing a 2.65% decrease, bringing the price down to ₦1,840 from ₦1,890 recorded on May 11.
In Warri, First Fortune lowered its AGO price by ₦33 to ₦1,855 per litre from ₦1,888, while Danmarna also cut its diesel price from ₦1,890 to ₦1,855 per litre, reflecting a ₦35 reduction.
Port Harcourt also witnessed moderate declines, with Bulk Strategic reducing diesel prices by ₦10 to ₦1,895 per litre from ₦1,905, while Sigmund cut prices from ₦1,910 to ₦1,890 per litre.
The trend suggests that the recent reduction in fuel prices is being driven more by increased product availability and aggressive competition among depot operators than by global crude oil prices.
Petrol prices also decline
Petrol prices also recorded downward adjustments across major depots nationwide.
PMS price adjustments
- Dangote Refinery reduced PMS price from ₦1,283 to ₦1,281.
- NIPCO Plc cut PMS price in Apapa from ₦1,285 to ₦1,280.
- Matrix Energy reduced PMS price in Port Harcourt from ₦1,225 to ₦1,223 and in Warri from ₦1,285 to ₦1,280.
- Sigmund lowered PMS price from ₦1,234 to ₦1,225.
- Pinnacle Oil and Gas reduced PMS price from ₦1,316 to ₦1,280.
- Masters Energy cut PMS price from ₦1,320 to ₦1,305.
- Rain Oil Limited reduced PMS price from ₦1,300 to ₦1,290.
- Sahara Group slightly reduced PMS price from ₦1,295 to ₦1,294.
- Bulk Strategic cut PMS price from ₦1,324 to ₦1,315.
- SOROMAN reduced PMS price from ₦1,325 to ₦1,300.
The decline in depot prices comes despite the strong performance of global crude oil benchmarks, with Brent and WTI crude prices remaining above $100 per barrel due to persistent global supply concerns.
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