Private petroleum depot owners in Lagos have reduced the ex-depot price of Premium Motor Spirit (PMS, commonly known as petrol) by ₦118 per litre approximately 14% in response to recent price cuts by the Dangote Refinery.
Market surveys on December 15, 2025, showed major private depots dropping their PMS prices to ₦710 per litre, down from an average of ₦828 per litre a week earlier on December 8.
Specific price adjustments include:
– Menj Depot: From ₦828 to ₦710 per litre
– Integrated Depot: From ₦826 to ₦710 per litre
– Bovas Depot: From ₦826 to ₦710 per litre
– A.A. Rano Depot: From ₦829 to ₦710 per litre
The reduction was driven by competition from Dangote Refinery-linked marketers offering petrol at around ₦703 per litre.
A depot operator noted: “The Lagos market reacts faster because Dangote’s prices are cheaper here. Once Dangote marketers began selling around ₦703 per litre, it became difficult to move volumes at higher prices.”
Private depots initially tried to hold prices near ₦800 per litre, but slow sales and the threat of stock buildup forced them to align with Dangote’s lower rates.
The price cut is likely to intensify competition and could lead to further reductions during the holiday season if Dangote sustains its supply and pricing approach.
NAIRALAND
