RismadarVoice Reporters
September 23, 2026
Petrol depot prices fell by as much as ₦24 per litre in Lagos on Tuesday, raising expectations that some filling stations could reduce pump prices as they replenish stocks at lower wholesale rates.
The reductions came as international crude oil prices declined, while diesel prices also recorded significant cuts in parts of Warri and Port Harcourt.
In Lagos, petrol prices at several depots fell by between ₦20 and ₦24 per litre, bringing wholesale rates to between ₦1,326 and ₦1,332 per litre. Dangote maintained its depot price at ₦1,325 per litre.
Smaller petrol price reductions were recorded in Port Harcourt, Calabar and Warri, ranging from ₦1 to ₦7 per litre at affected depots.
Diesel recorded steeper declines, with prices falling by as much as ₦50 per litre in Warri and ₦35 per litre in Port Harcourt. Some Warri depots also recorded reductions of about ₦10 per litre.
A petroleum marketer said the decline in depot prices could put pressure on filling stations to review their pump prices, particularly as retailers begin restocking at lower wholesale rates.
The marketer, however, cautioned that reductions at filling stations may not be immediate or uniform because some retailers could still be selling products purchased at higher prices.
He also noted that a ₦20 to ₦24 reduction at depot level would not necessarily translate into an equivalent reduction at the pump, as transportation costs, operating expenses and retail margins also influence final prices.
Competition among filling stations could accelerate price reductions in areas where retailers begin receiving cheaper supplies.
Lower diesel prices could also reduce operating costs for manufacturers, farmers, logistics companies and other businesses that rely on the product for transportation and alternative power generation.
International crude oil prices declined on Tuesday, with West Texas Intermediate falling 1.12 per cent to $91.34 per barrel, while Brent crude slipped 0.29 per cent to $100 per barrel.
