Private petroleum depot owners in Lagos have cut the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from an average of ₦828 per litre to ₦710 per litre, representing a reduction of ₦118 or roughly 14 per cent.
The move follows recent price reductions by the Dangote Refinery, which have influenced market pricing in the region.
Market surveys on December 15, 2025, showed that major depots including Menj, Integrated, Bovas, and A.A. Rano adjusted their prices downward in response to Dangote-linked marketers offering petrol at around ₦703 per litre.
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Depot operators noted that attempts to maintain prices near ₦800 per litre led to slow sales and the risk of stock accumulation, necessitating alignment with the lower market rates.
The reduction is expected to intensify competition in Lagos’ downstream petroleum sector and could trigger further price cuts during the holiday season if Dangote Refinery continues to sustain its supply and pricing approach, benefiting consumers across the state.
