Depot owners have dropped petrol prices as supplies improve in Lagos and other major cities across Nigeria, even as the Nigerian National Petroleum Company Limited (NNPC) increased its retail pump price to ₦905 per litre.
According to the Petroleumprice.ng Daily Oil and Gas Market Intelligence Report for October 7, 2025, Lagos recorded some of the lowest wholesale petrol rates nationwide. In Lagos, Premium Motor Spirit (PMS) traded at ₦836 per litre at AITEO, ₦837 at Dangote, and ₦838 at Emadeb, representing a modest week-on-week decline. In the South-South region, TSL Depot in Port Harcourt sold PMS at ₦854 per litre, while Matrix Depot in Calabar offered ₦856 per litre.
Industry observers attribute the decline in depot prices to improving supply levels at key terminals after weeks of volatility and delayed loading operations. Despite these improvements, retail consumers have yet to feel relief. NNPC outlets in Abuja’s Wuse Zone 4 and Zone 6 increased their pump prices from ₦890 to ₦905 per litre, marking a ₦15 (1.7%) increase, which widened the gap between wholesale and retail rates.
Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the hike at NNPC pumps was due to temporary supply disruptions linked to the PENGASSAN strike at Dangote Refinery. The two-day strike, prompted by the alleged dismissal of refinery workers, briefly halted loading activities before government intervention restored operations.
Analysts note that the disconnect between falling depot prices and rising pump prices reflects the fragility of Nigeria’s downstream petroleum market, which remains exposed to refinery output constraints, transport bottlenecks, and forex fluctuations. Despite steady international benchmarks — Brent crude at $65.15 and Bonny Light at $80.92 — local fuel prices are vulnerable to labour disruptions and market adjustments.
Meanwhile, Nigeria’s petrol imports have dropped to their lowest level in eight years, as domestic refining, led by the Dangote Refinery, begins to reshape the nation’s fuel market. In September 2025, the country imported 116,000 barrels per day (bpd) of PMS, equivalent to 18.44 million litres daily, down sharply from 154,000 bpd (24.49 million litres) in August, marking the lowest import volume since 2017. This signals a gradual shift from import dependence to domestic production, a long-anticipated transformation in Nigeria’s fuel supply chain.
Experts predict short-term volatility as marketers continue to adjust costs following the labour disruption and exchange rate fluctuations. They stress that better coordination between depots, refiners, and retailers will be essential to achieve price stability and steady fuel supply nationwide.
