Oil Marketers Slash Petrol Prices Toward ₦1,350 as Depot Rates Fall to ₦1,303 in Port Harcourt
Nigerian oil marketers have begun cutting petrol prices toward the ₦1,350 per litre mark, with Premium Motor Spirit (PMS) depot rates dropping as low as ₦1,303 per litre in Port Harcourt, according to market reports circulating on Saturday.
The reductions come amid softer international crude oil prices and intensified competition in the downstream sector.
Depot operators in major supply hubs, including Port Harcourt, Calabar, Warri, and Lagos, have adjusted rates downward in recent days, following earlier cuts by the Dangote Petroleum Refinery and other marketers.
For ordinary Nigerians, even modest drops translate into meaningful savings. A ₦30 reduction per litre means a 50-litre tank refill costs about ₦1,500 less.
If the trend holds and lower depot prices consistently reach filling stations, households and businesses could feel gradual relief on transport fares, delivery costs and overall living expenses.
Industry watchers note that the current price softening reflects both global market movements—Brent crude having traded below $100 per barrel in recent sessions—and growing domestic supply dynamics.
Dangote Refinery had earlier reduced its ex-gantry price, prompting private depots to follow suit in order to remain competitive.
In Port Harcourt, some depots reported rates around ₦1,323 to ₦1,335 earlier in the week, with further downward pressure observed. Similar adjustments were recorded in Calabar (as low as ₦1,320 in some surveys) and Warri.
Lagos prices remained relatively firmer in places but also showed reductions of up to ₦24 per litre at certain terminals.
Analysts caution that the real test for consumers is how quickly and consistently these depot reductions appear at retail pumps.
Filling stations often factor in existing stock, transport, and operating margins before adjusting pump prices. Past cycles have shown delays between wholesale cuts and pump-level relief.
Still, the latest developments offer a welcome signal after periods of elevated fuel costs. Motorists and commercial operators are watching closely to see whether the downward trend sustains long enough to ease pressure on transportation and logistics across the country.
As of late September 2026, median depot prices for petrol hovered near ₦1,325 nationally in some tracking platforms, though local variations remain significant.
Continued monitoring of crude benchmarks, exchange rates, and domestic refining output will determine whether further relief materializes in the coming weeks.
For now, the message from the depots is clear: cheaper wholesale petrol is arriving in key markets. The question for millions of Nigerians is how soon—and how fully—that advantage reaches the pump.
news Presidency Brands Economist’s Tinubu Hate Claim Intellectual Fraud as Reforms Push On
world Hegseth Declares Commanders Back in Charge with Major IG Reforms Across War Department
news Suspected Cattle Rustlers Injure Youth in Isolated Bokkos Attack as Plateau Troops Respond
world Trump Credits US Forces as Dozens of Iranian Terror Leaders Sent Straight to Hell
politics Sowore Demands ₦500,000 Wage for INEC Staff, Threatens 2027 Election Boycott
How do you feel about this news?
Community Additions
Have a news tip, correction, or extra context about this story? Post it below instantly. All submissions appear live on this screen immediately.