Petrol Depot Prices Fall as Marketers Cut Rates by Up to N23 Per Litre

Petrol depot prices declined across major supply centres on Tuesday as marketers introduced fresh price reductions of up to N23 per litre, reflecting growing competition in Nigeria’s downstream petroleum sector.

An analysis of mid-day depot price data showed that depots in Lagos, Warri, Calabar, and Port Harcourt either reduced their prices or maintained existing rates, with none recording an increase.

In Lagos, Dangote Petroleum Refinery retained its ex-depot petrol price at N1,216 per litre, the lowest among major suppliers. Pinnacle matched the rate after reducing its price by N2 to N1,216 per litre.

MRS also cut its price by N2 to N1,222 per litre, while Emadeb reduced its rate by N7 to N1,218 per litre. Other marketers, including Aiteo, Nipco, Ascon, Shema, and T-Time, maintained prices ranging between N1,218 and N1,220 per litre.

In Warri, several depots also reviewed their prices downward. Bulk Strategic, Liquid Bulk, Masters, Matrix, and Sigmund all sold petrol at about N1,245 per litre.

Rain Oil recorded one of the biggest price cuts, reducing its depot price by N23 to N1,245 per litre, while Matrix lowered its price by N10 to the same level. TSL also trimmed its rate by N6 to N1,244 per litre.

In Calabar, Northwest reduced its depot price by N15 to N1,235 per litre, while Mainland cut its rate by N10 to N1,240 per litre. Hong Petroleum offered the lowest price in the area after reducing its rate by N2 to N1,233 per litre.

Similarly, in Port Harcourt, Matrix reduced its petrol price by N3 to N1,243 per litre, while Optima lowered its rate by N2 to the same level. Rain Oil also slashed its depot price by N23 to N1,245 per litre.

Analysts said the widespread reductions indicate improved product availability and increased competition among marketers seeking to attract bulk buyers.

The shrinking price gap between Lagos, where petrol sells for N1,216 per litre, and other major supply hubs, where prices now average around N1,245 per litre, also points to greater price convergence across the country.

Despite the lower depot prices, experts noted that retail pump prices may not immediately reflect the reductions, as transportation costs, retail margins, and other operational expenses remain key factors.

Meanwhile, diesel (Automotive Gas Oil) prices also recorded declines in several locations. In Lagos, Matrix reduced diesel prices by N55 to N1,645 per litre, while Aiteo cut its price by N15 to N1,630 per litre.

In Warri, Matrix lowered diesel prices by N70 to N1,650 per litre, while A.Y.M Shafa reduced its rate by N40 to the same level.

The latest pricing trend underscores the increasing role of competition and improved fuel supply in shaping Nigeria’s downstream petroleum market.

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