A widening gap between petrol depot and retail prices has become a growing concern in Nigeria’s downstream oil market, as wholesale prices fell at several locations while motorists continued to pay more than N1,300 per litre at many filling stations.
The latest mid-day depot price report for Tuesday, September 8, 2026, showed Premium Motor Spirit (PMS) selling between N1,266 and N1,280 per litre at major Lagos depots.
Dangote Refinery and Pinnacle offered the lowest reported price at N1,266 per litre, followed by MRS at N1,267. Aiteo, Integrated and Sahara quoted N1,270, while Ascon and NIPCO sold at N1,280 per litre.
At the retail end, however, some filling stations in Lagos were selling petrol for as much as N1,325 per litre, while N1,310 was reportedly among the lowest pump prices recorded at some outlets. This leaves a difference of up to N44 per litre between the cheapest depot price and the lowest reported retail price.
The disparity was also evident in other markets. In Calabar, depot prices ranged from N1,280 at Mainland to N1,300 at Fynefield, with Matrix at N1,290. In Warri, Nepal and Optima quoted N1,275, Parker and Prudent N1,280, A.Y.M. Shafa N1,287 and Matrix N1,290.
Several suppliers also announced reductions during the day. Integrated and Sahara lowered their Lagos prices by N9 each to N1,270, while Lister reduced its rate by N3 to N1,277.
Warri recorded further cuts, with Bulk Strategic, Liquid Bulk and Masters reducing prices by N10 per litre. Matrix cut its price by N5, while Rain Oil recorded the largest reduction, slashing its rate by N20 to N1,280.
Industry operators, however, cautioned against viewing depot prices as the sole determinant of pump prices. Transportation, storage, handling and station operating expenses can add significantly to the final cost, particularly when products are moved across long distances.
“The depot price is only one component of the final price paid by the consumer,” an industry source said.
Another downstream operator noted that commercial arrangements also vary between 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.
Despite these explanations, the persistent difference is raising questions about whether falling wholesale prices are being adequately passed on to consumers.
“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 now concentrated around N1,266-N1,280 per litre, attention is increasingly shifting from wholesale competition to how much of those reductions motorists ultimately receive at the pump.
