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•Rain Oil leads cuts with N18/litre reduction
•Diesel prices crash by up to N70/litre
By Udeme Akpan
Depot prices of Premium Motor Spirit (PMS), commonly known as petrol, eased across several terminals in Lagos yesterday as petroleum marketers adjusted prices amid shifting supply dynamics in Nigeria’s downstream oil market.
The latest market data showed a broad-based decline in Lagos, with most major depots reducing their ex-depot prices by between N1 and N18 per litre, while diesel prices recorded even steeper reductions in some locations.
The price movement comes as competition among petroleum product suppliers continues to influence market pricing, particularly with increased domestic refining capacity.
The Dangote Refinery remained relatively stable, with its Lagos PMS price inching up marginally from N1,175 per litre to N1,176 per litre, a difference of just N1.
However, several other terminals reduced prices. Rain Oil recorded the biggest cut among Lagos depots, lowering its petrol
