Petrol Depot Prices Fall as Marketers Slash Rates by Up to ₦23 Per Litre
Petrol depot prices have declined across major fuel distribution centres in Nigeria following fresh price reductions by marketers, a development that signals increasing competition within the country’s downstream petroleum sector.
An analysis of depot prices released on Tuesday showed that operators in Lagos, Warri, Calabar and Port Harcourt either lowered their prices or maintained existing rates. No depot was reported to have increased its petrol price during the period under review.
Lagos Depots Maintain Competitive Pricing
In Lagos, the Dangote Petroleum Refinery retained its ex-depot petrol price at ₦1,216 per litre, one of the lowest rates among major suppliers.
Pinnacle adjusted its price downward by ₦2, bringing it in line with Dangote’s rate of ₦1,216 per litre.
MRS also reduced its price by ₦2 to ₦1,222 per litre, while Emadeb cut its rate by ₦7 to ₦1,218 per litre.
Other marketers, including Aiteo, Nipco, Ascon, Shema and T-Time, maintained depot prices ranging between ₦1,218 and ₦1,220 per litre.
Warri Records Biggest Price Cuts
Warri witnessed some of the most significant reductions as several marketers reviewed their prices.
Rain Oil announced one of the largest adjustments, reducing its depot price by ₦23 to ₦1,245 per litre.
Matrix also lowered its rate by ₦10, while Bulk Strategic, Liquid Bulk, Masters and Sigmund aligned their prices around ₦1,245 per litre.
TSL equally reduced its depot price by ₦6, settling at ₦1,244 per litre.
Depot Prices Decline in Calabar
Fuel depots in Calabar also recorded fresh price cuts.
Northwest reduced its depot price by ₦15 to ₦1,235 per litre, while Mainland lowered its rate by ₦10 to ₦1,240 per litre.
Hong Petroleum offered the lowest quoted price in the area after reducing its rate by ₦2 to ₦1,233 per litre.
Port Harcourt Joins Price Reduction Trend
Similar adjustments were recorded in Port Harcourt.
Matrix reduced its petrol price by ₦3 to ₦1,243 per litre, while Optima also cut its rate by ₦2, matching the same price.
Rain Oil further reduced its depot price by ₦23, bringing it to ₦1,245 per litre.
Competition Driving Lower Prices
Industry observers say the widespread reduction in depot prices reflects stronger product availability and increasing competition among fuel marketers.
The increased supply from the Dangote Petroleum Refinery, alongside continued imports by marketers, has created a more competitive market environment, encouraging suppliers to lower prices in an effort to attract bulk buyers.
Analysts also noted that the relatively narrow price difference between Lagos and other major supply centres indicates that depot prices are gradually becoming more uniform across the country.
Retail Pump Prices May Vary
Despite the reduction in depot prices, consumers may not immediately experience similar cuts at filling stations.
Experts explained that retail pump prices will still depend on factors such as transportation costs, distribution expenses, operating costs and marketers’ profit margins.
Diesel Prices Also Decline
Diesel, also known as Automotive Gas Oil (AGO), recorded price reductions in several locations.
In Lagos, Matrix reduced its diesel price by ₦55 to ₦1,645 per litre, while Aiteo lowered its rate by ₦15 to ₦1,630 per litre.
In Warri, Matrix cut diesel prices by ₦70 to ₦1,650 per litre, while A.Y.M Shafa reduced its price by ₦40, bringing its rate to the same level.
The latest adjustments suggest that improved fuel supply and stronger market competition continue to influence pricing across Nigeria’s downstream petroleum industry.
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