Fuel Price War Intensifies in Lagos and Ogun as Stations Slash Petrol Prices to N1,199 Per Litre
Fuel prices have dropped across parts of Lagos and Ogun States as filling stations adjust pump rates in response to rising competition and recent changes in the downstream oil market. As of Sunday, petrol was sold at an average of N1,205 per litre, marking a noticeable decline from previous highs of about N1,280 per litre.
Along major routes such as the Lagos-Ibadan Expressway, several filling stations quickly reviewed their prices to attract more customers. The SGR filling station in Mowe recorded the lowest price at N1,199 per litre, while other major operators including NIPCO, SAO, AP, and MRS sold petrol at around N1,205 per litre. Mobil stations dispensed fuel at about N1,220 per litre, while Heyden stations showed variations ranging from N1,210 to N1,285 depending on location. Nigerian National Petroleum Company Limited retail outlets also adjusted prices to about N1,245 per litre.
The price cuts come amid broader market shifts triggered by declining crude oil prices globally, following easing geopolitical tensions between the United States and Iran. The development pushed crude oil down from highs of around $120 per barrel to approximately $80 per barrel, prompting refiners and depot operators to revise pricing structures.
Earlier, the Dangote Petroleum Refinery reduced its gantry petrol price by N75 per litre, bringing it down from N1,250 to N1,175. This adjustment encouraged private depot operators to follow suit, leading to a ripple effect across the retail fuel market. Diesel prices also dropped, with the refinery cutting rates by N100 to N1,500 per litre, reflecting sustained pressure in Nigeria’s downstream sector.
Despite the reductions, some Nigerians believe the price cuts do not yet match the scale of crude oil declines. However, industry insiders argue that adjustments are being made gradually due to existing high-cost crude stocks, warning that further price drops may follow as new inventories are processed and market conditions stabilize.
source: punch