Depot prices for Premium Motor Spirit (PMS), or petrol, have decreased across various terminals in Lagos, with Rain Oil leading the reduction by cutting prices by N18 per litre. Additionally, diesel prices have also seen a significant drop, falling by up to N70 per litre. This adjustment in prices comes as petroleum marketers respond to changing supply dynamics in Nigeria's downstream oil market, according to Vanguard Business.

Petrol depot prices in Nigeria have fallen by about 17 percent as marketers adjust to increased competition from the Dangote Refinery, according to Legit.ng. The reduction offers consumers temporary relief despite rising international crude oil costs. The development reflects shifting dynamics in the country's downstream petroleum sector, where local refining is beginning to influence pricing. Marketers have slashed depot rates in response, though it remains unclear how long the lower prices will last.

Filling stations in Nigeria, including MRS, AA Rano, and NIPCO, have decreased petrol prices following a reduction in the ex-depot price by Dangote Refinery to N1,075 per litre. This price cut has provided relief to consumers across the country.

Nigerian motorists could see cheaper petrol once the country's domestic refining industry becomes stronger, more competitive and financially sustainable, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Petrol currently sells at about N1,310 to N1,350 per litre in many parts of Nigeria, after prices rose from previous levels. The regulator's comments link future fuel affordability to the growth and viability of local refining capacity.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has explained the factors driving fluctuations in petrol prices across Nigeria's deregulated market. George Ene-Ita of the NMDPRA outlined the reasons behind the rising and falling fuel costs, according to Legit.ng. He also emphasised the regulator's collaboration with the Federal Competition and Consumer Protection Commission as part of efforts to promote price stability in the petroleum sector.

Dangote Refinery may increase petrol prices again as Brent crude oil approaches $100 per barrel, according to Legit.ng. The rising global crude price is reportedly driving up replacement costs for the refinery and adding pressure across Nigeria's downstream petroleum market. The potential price hike would come at a time when fuel costs remain a major concern for Nigerian consumers and businesses. Further details on the timing or scale of any adjustment were not provided in the report.