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 representing about a 14 percent drop following recent price cuts by the Dangote Refinery.
Market checks conducted on December 15 2025 revealed that major private depots lowered their PMS prices to ₦710 per litre down from an average of ₦828 per litre recorded a week earlier on December 8.
Menj Depot reduced its price from ₦828 to ₦710 per litre while Integrated Depot cut its rate from ₦826 to ₦710 per litre. Bovas Depot also adjusted its price from ₦826 to ₦710 per litre and A A Rano Depot dropped from ₦829 to ₦710 per litre.
Industry sources attributed the sharp reduction to growing competition from Dangote Refinery linked marketers who have been offering petrol at about ₦703 per litre in the Lagos market.
A depot operator explained that Lagos usually reacts faster to price changes because Dangote Refinery prices are cheaper in the area. According to the operator once Dangote marketers started selling around ₦703 per litre it became difficult to move volumes at higher prices.
Private depots initially attempted to maintain prices close to ₦800 per litre but slow sales and the risk of stock buildup forced them to adjust downward to remain competitive.
The latest price cut is expected to intensify competition in the downstream petroleum market and could lead to further reductions during the holiday season if Dangote Refinery sustains its current supply and pricing strategy.
