Fuel Prices Tumble Across Nigeria as Marketers Cut Depot Rates

Nigeria's downstream petroleum market has ended the week on a softer note as marketers across major coastal markets reduced petrol and diesel depot prices, indicating easing wholesale fuel costs.

Petrol, also known as Premium Motor Spirit (PMS), declined by ₦23.50 per litre on average in Lagos between Monday and Friday, with diesel recording an even steeper drop of about ₦35.64 per litre.

The reductions came amidst volatile international crude oil prices, which saw Brent climb above $106 per barrel before retreating below $100 and recovering above the $100 mark.

Lagos petrol prices fell from ₦1,351 to ₦1,327.50 on average, with Sahara recording a ₦26 decline and Pinnacle lowering its price by ₦24.50 to ₦1,325.50.