Diesel prices declined sharply on Wednesday, June 11, 2025, across depots in Nigeria, reversing the increase witnessed earlier in the week.

The development comes as more depots scramble for customers as stock availability rises and crude prices thin down.

Depot owners crash prices 24 hours after increases

According to reports, as of Tuesday, June 10, 2025, diesel sold for N1,050 per litre. However, depot owners reversed the price almost 24 hours later and sold for between N950 and N960 per litre.

Experts say the drop is driven by strong supply, as many depots have a large quantity of diesel in stock.

They also disclosed that demand has remained low, leading to price crashes, as crude prices have also thinned down relative to earlier in the week.

Legit.ng previously reported that as of June 10, 2025, Brent crude sold for $67.47 per barrel, while the price reversed the following day to $66.73 per barrel.

The marginal drop in global prices and local glut helped to push the product's price further down.

Top depot owners with reduced prices

Data from Petroleumprice shows that as of Wednesday, June 11, 2025, Dangote sold the ex-depot diesel price for N962 per litre, Rainoil at N1,000, Menj at N970, while Gulf Treasure, Ibeto, Aiteo, Integrated, and Durpot sold for between N950 and N960 per litre.

Other depots with reduced diesel prices include NIPCO at N960 and Wosbab at N970 per litre.

In Port Harcourt, Master Energy sold diesel at N1,002 and Bulk Strategic sold at N1,010 per litre.

Meanwhile, petrol prices have largely remained stable, with Lagos depots selling from N825 to N850 per litre, and Calabar depot owners pricing a uniform cost of N869 per litre.

Experts predict further price drops

In Port Harcourt, the prices range between N866 and N869 per litre, while Warri depot owners remained varied at N848 and N965 per litre.

Experts have said the price drop is due to increased supply and weak demand, as the market correction also shows a mild retreat in international crude prices.

They say that as depots compete for customers, further adjustments are possible in the coming days.

Importers predict new petrol landing cost

Legit.ng earlier reported that the Major Energies Marketers Association of Nigeria (MEMAN) has said that petrol landing cost in June 2025 is expected to be around N950 per litre.

The association’s report shows that the landing cost of PMS in November 2024 was about N971 per litre.

MEMAN members are key players in the Nigerian downstream petroleum industry, providing reliable data on landing costs and other market information.