Despite an eight per cent fall in global crude benchmarks between June 23 and 24, 2025, depot prices for petrol and diesel dropped marginally by two per cent.

Experts say the new price adjustment shows a disconnect between international market trends and local costs.

Depot owners slow to adjust prices

While global crude oil prices eased, depot owners in Nigeria appear to be cautious, raising concerns about transparency and market responsiveness in the downstream sector.

The slight reduction has caused pushback from consumers and market analysts, who say depot owners rush to raise prices but are reluctant to lower them, especially following the drop in crude prices.

New depot prices in Lagos

Pinnacle: ₦910 - ₦905
Rainoil: ₦920 - ₦910
NIPCO: ₦945 - ₦910
→ Average reduction: 1.78%
Diesel prices decline slightly
Mao: ₦1,050 - ₦1,033
Ibeto: ₦1,060 - ₦1,045
African Terminal: ₦1,060 - ₦1,040

Port Harcourt depot prices

PMS at T.S.L. and Fynefield dropped to ₦925 and ₦923, respectively, while diesel at Bulk Strategic dropped sharply from ₦1,140 to ₦1,085, the largest drop so far.

Petroleumpriceng reported that depot prices for petrol and diesel in Nigeria dropped slightly by about 2% between June 23 and 24, 2025, after global crude oil prices fell by eight per cent.

Nigerians expect that these figures will eventually reflect more on the consumers.

Crude oil prices fall

A prior report by Legit.ng showed that Brent crude dropped to $69.16 per barrel on June 24, down from $77 just a few days earlier.

Experts said the sudden ceasefire between Israel and Iran brokered by the U.S. calmed fears of disruptions to oil movement through the Strait of Hormuz, a major global oil route.

Dangote Refinery’s pricing puts pressure

The mega Dangote Refinery increased its ex-depot prices for petrol to N880 per litre on June 20 2025.

The development comes despite calls from the Independent Petroleum Marketers Association of Nigeria (IPMAN) asking for a reduction below the previous ex-depot price of N825 per litre.

MEMAN pegs landing costs

A landing cost estimate by the Major Energy Marketers Association of Nigeria (MEMAN) still stands at N950 per litre, which pressures retails and consumers.

Market watchers say that until Dangote Refinery adjusts its depot prices in response to the crude oil crash, other marketers may continue to sell at the current rate.

According to them, the current trend shows a one-sided pricing culture where increases are quickly implemented and reductions are slow and small.

Marketers protest diesel price hike at PH refinery

Legit.ng earlier reported that petroleum marketers on Tuesday, June 24, 2025, protested against what they called a continuous hike in diesel prices at the Port Harcourt Refinery.

The marketers, under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN), suspended operations and demanded that the Nigerian National Petroleum Company Limited (NNPC) reverse the latest price increase.

According to reports, depot officials increased diesel prices to N1,130 per litre, from N980 on existing loading tickets.