Petrol prices remain high at filling stations across Nigeria despite a significant drop in depot prices, raising fresh questions over potential profiteering between wholesale loading points and retail outlets.
As at Tuesday Mid-day depot price reports show Premium Motor Spirit selling between N1,266 and N1,280 per litre across several major Lagos depots. Dangote Refinery and Pinnacle quoted N1,266 per litre, MRS posted N1,267, while Aiteo, Integrated, and Sahara sold at N1,270 per litre.
Ascon and NIPCO both quoted N1,280 per litre. Despite the lowest reported Lagos depot price coming in N44 below N1,310 per litre, retail pump prices at many filling stations across Lagos and Abuja remain pegged as high as N1,325 per litre.
Across other regions, depot prices reflected similar downward movement. In Calabar, prices ranged from N1,280 at Mainland to N1,300 at Fynefield, with Matrix selling at N1,290. In Warri, Nepal and Optima quoted N1,275 per litre, Parker and Prudent stood at N1,280, A.Y.M. Shafa at N1,287, and Matrix at N1,290.
Intra-day price cuts were also recorded across multiple facilities. Integrated and Sahara in Lagos dropped prices by N9 per litre to N1,270, while Lister trimmed its rate by N3 to N1,277. In Warri, Bulk Strategic, Liquid Bulk, and Masters reduced prices by N10 per litre, Matrix cut rates by N5, and Rain Oil registered the largest reduction, lowering its price by N20 to N1,280 per litre.
Downstream operators attribute the continuing spread between wholesale loading costs and consumer pump prices to post-depot logistics and operating overheads. “The depot price is only one component of the final price paid by the consumer,” an industry source stated, noting that transport, storage, handling, and station operational expenses expand the margin.
Another operator pointed out that commercial arrangements and location constraints vary widely among retailers. “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 noted. While active competition among depots continues to keep wholesale rates subdued, motorists await whether these price reductions will eventually translate into relief at the retail pump.