Fuel prices at filling stations across Nigeria remain stubbornly high even as depot prices have dropped considerably, stirring renewed concerns about profiteering between wholesale loading points and retail outlets.

The latest mid-day depot price report for Tuesday, September 8, 2026, indicated that Premium Motor Spirit, popularly known as petrol, was selling for between N1,266 and N1,280 per litre at several major depots in Lagos.

Dangote Refinery and Pinnacle both quoted N1,266 per litre, while MRS priced its product at N1,267. Aiteo, Integrated and Sahara sold at N1,270 per litre, whereas Ascon and NIPCO were both pegged at N1,280.

This means that the cheapest depot price recorded in Lagos stood N44 below N1,310 per litre, which was the lowest retail price documented at some filling stations. A number of retail outlets in Lagos and Abuja were still charging as much as N1,325 per litre.

In Calabar, depot prices for petrol varied from N1,280 at Mainland to N1,300 at Fynefield, with Matrix pricing its product at N1,290.

In Warri, Nepal and Optima both quoted N1,275 per litre, while Parker and Prudent priced at N1,280. A.Y.M. Shafa sold at N1,287 and Matrix at N1,290.

The report further showed that a number of depots slashed their prices within the day. Integrated and Sahara in Lagos each reduced PMS prices by N9 per litre to settle at N1,270, while Lister trimmed its price by N3 to N1,277.

In Warri, Bulk Strategic, Liquid Bulk and Masters each cut prices by N10 per litre, while Matrix reduced its rate by N5. Rain Oil posted the steepest cut of all, slashing its price by N20 to arrive at N1,280.

The widening disparity between wholesale and retail prices has drawn scrutiny to the extra costs that accumulate once products leave the depots.

Market operators noted that transportation and distribution costs remain a significant part of the final pump price, especially in cases where products must travel long distances to reach their destination.

“The depot price is only one component of the final price paid by the consumer,” an industry source said, noting that transport, storage, handling and station operating costs could widen the gap.

A downstream operator added that the disparity could also stem from differing supply arrangements and commercial terms across filling stations.

“Not every station buys at the same price or has the same operating cost. Location, transportation and other expenses all affect the pump price,” the operator said.

The figures suggest that competition among depots is helping to keep wholesale prices comparatively subdued in certain markets, even though consumers are still confronted with higher prices at the retail level.

For motorists, the pressing question remains whether the drop in depot prices will eventually filter down to lower prices at the pump.

“If depot prices continue to fall, consumers should begin to see some relief at the filling stations, provided the savings are transmitted through the distribution chain,” another market source said.

With Lagos depot prices now clustered between N1,266 and N1,280 per litre, attention is increasingly turning to the wide gulf separating the cost of sourcing petrol from what motorists ultimately pay at the pump.