Petrol pump prices defy low depot rates, stay above N1,300

Petrol prices remain elevated at filling stations across Nigeria despite a significant drop in depot prices raising fresh questions over profiteering between wholesale loading and retail prices.

The latest mid-day depot price report for Tuesday, September 8, 2026, showed Premium Motor Spirit, PMS, also known as petrol selling between N1,266 and N1,280 per litre at several major Lagos depots.

Dangote Refinery and Pinnacle quoted N1,266 per litre, while MRS was at N1,267. Aiteo, Integrated and Sahara sold at N1,270, with Ascon at N1,280 and NIPCO also at N1,280.

This means the lowest reported depot price in Lagos was N44 below N1,310 per litre, the lowest retail price reported at some filling stations. Many retail stations are still as high as N1,325 per litre in Lagos and Abuja.

In Calabar, petrol deport prices ranged from N1,280 at Mainland to N1,300 at Fynefield, while Matrix sold at N1,290.

In Warri, Nepal and Optima quoted N1,275 per litre, Parker and Prudent were at N1,280, A.Y.M. Shafa at N1,287 and Matrix at N1,290.

The data also showed that several depots reduced their prices during the day. Integrated and Sahara in Lagos cut PMS prices by N9 per litre each to N1,270, while Lister reduced its price by N3 to N1,277.

In Warri, Bulk Strategic, Liquid Bulk and Masters reduced prices by N10 per litre, while Matrix cut its rate by N5. Rain Oil recorded the biggest reduction, cutting its price by N20 to N1,280.

The gap between wholesale and retail prices has placed attention on the additional costs incurred after products leave depots.

Market operators said transportation and distribution expenses remain important components of the final pump price, particularly where products have to be moved over long distances.

“The depot price is only one component of the final price paid by the consumer,” an industry source said, noting that transport, storage, handling and station operating costs could widen the gap.

Another downstream operator said the difference could also reflect varying supply and commercial arrangements among filling stations.

“Not every station buys at the same price or has the same operating cost. Location, transportation and other expenses all affect the pump price,” the operator said.

The latest figures indicate that competition among depots is keeping wholesale prices relatively subdued in some markets, even as consumers continue to encounter higher prices at retail outlets.

For motorists, the concern is whether reductions at the depots will eventually translate into lower pump prices.

“If depot prices continue to fall, consumers should begin to see some relief at the filling stations, provided the savings are transmitted through the distribution chain,” another market source said.

With Lagos depot prices clustered around N1,266-N1,280 per litre, the market is increasingly drawing attention to the wide gap between the cost of obtaining petrol and the final cost motorists pay.