Diesel prices dropped sharply today, June 11, 2025, across Nigerian depots, reversing the sharp spike seen earlier this week. This comes as more depots scramble for customers amid high stock availability and softening crude oil prices.
On Tuesday, diesel (AGO) was selling as high as ₦1,050 per litre. By today, prices have fallen by over ₦100, with many depots now selling between ₦950 and ₦960 per litre.
“Depots that fixed ₦1,050 are now selling for ₦950. That’s a ₦100 drop in just 24 hours,” a market source confirmed.
What’s Driving the Drop?
- Supply is strong, many depots have AGO in stock.
- Demand is low, leading to price slashing.
- Crude oil prices have also softened compared to earlier in the week.
On Tuesday, June 10, Brent Crude was at $67.47 per barrel, As of today, June 11, Brent is slightly lower at $66.73 per barrel. This marginal retreat in global prices, combined with local oversupply, helped push diesel prices down further.
“The increase on Tuesday was artificial. Supply and demand are now correcting it,” another depot owner said.
Confirmed AGO (Diesel) Prices – 11 June 2025
LAGOS DEPOTS
- Dangote – ₦962
- Rain Oil – ₦1,000
- Menj – ₦970
- Gulf Treasure, Bono, IBETO, Aiteo, Integrated, Durpot – ₦950–₦960
- Nipco – ₦960
- Wosbab – ₦970
PORT HARCOURT DEPOTS
- Masters – ₦1,002
- Bulk Strategic – ₦1,010
PMS Prices Remain Stable
Petrol (PMS) prices have seen little movement in contrast, with Lagos PMS ranging from ₦825 to ₦850, and Calabar depots reporting a uniform ₦869 per litre. Port Harcourt ranges between ₦866 and ₦868, while Warri remains the most varied, from ₦848 to ₦965.
Today’s diesel price drop is a direct result of increased supply and weak demand. The market correction also reflects the mild retreat in global crude prices. As more depots compete for customers, further adjustments are possible in the coming days.
Marketers and logistics firms are advised to keep an eye on daily closing prices, especially as crude oil movements and depot inventories continue to drive downstream trends.
For real-time fuel data and depot analysis, visit Petroleumprice.ng.
