Depot fuel prices across Nigeria remained unchanged on Monday despite a nearly 7 percent decline in global crude oil prices, highlighting the slower pace at which downward movements in the international market are reflected in domestic fuel pricing.
As of 1:30 p.m. WAT, Brent crude traded at $90.44 per barrel, down 6.55 percent, while West Texas Intermediate (WTI) fell 5.84 percent to $84.09 per barrel, retreating after Brent briefly climbed above $100 per barrel last week.
Checks by Petroleumprice.ng showed that depot prices remained stable across major supply locations.
In Lagos, Premium Motor Spirit (PMS) was sold at ₦1,220 per litre by T.Time, Ascon and Shema, while NIPCO maintained a price of ₦1,219 per litre. In Calabar, Hong Petroleum continued to sell petrol at ₦1,235 per litre.
For Automotive Gas Oil (AGO), also known as diesel, African Terminal, Integrated, Duport, Ibachem, Gulf Treasure and Wosbab all maintained prices at ₦1,635 per litre.
The decline in crude prices followed renewed optimism over diplomatic efforts between the United States and Iran after Washington paused military strikes for a second consecutive night, easing concerns over potential supply disruptions through the Strait of Hormuz and the Red Sea.
Despite the sharp correction in international oil prices, the domestic depot market remained unchanged, reinforcing a pattern frequently observed in the downstream sector where price increases linked to rising crude oil are reflected more quickly than price reductions when global benchmarks retreat.
The stable depot pricing means marketers and bulk buyers continue to purchase products at the same rates, even as international crude benchmarks have fallen significantly from last week's highs.