Petrol depot prices have fallen across major supply centres in Nigeria as marketers introduced fresh price cuts of up to ₦23 per litre, reflecting growing competition in the downstream petroleum sector.
An analysis of the latest mid-day depot price report showed that depots in Lagos, Warri, Calabar and Port Harcourt either reduced their prices or maintained existing rates, with no supplier increasing its ex-depot price.
In Lagos, Dangote Petroleum Refinery retained its ex-depot price at ₦1,216 per litre, the lowest among major suppliers.
Pinnacle reduced its price by ₦2 to ₦1,216 per litre, matching Dangote’s rate, while MRS cut its price by ₦2 to ₦1,222 per litre. Emadeb also reduced its rate by ₦7 to ₦1,218 per litre.
Other suppliers, including Aiteo, Nipco, Ascon, Shema and T-Time, maintained prices ranging between ₦1,218 and ₦1,220 per litre.
Industry observers attributed the latest adjustments to increased competition driven by higher domestic fuel supply from the Dangote Refinery, alongside continued imports by fuel marketers.
In Warri, several depots also reduced their prices. Rain Oil recorded one of the biggest reductions, cutting its ex-depot price by ₦23 to ₦1,245 per litre.
Matrix lowered its price by ₦10 to ₦1,245 per litre, while Bulk Strategic, Liquid Bulk, Masters and Sigmund also adjusted their prices to around the same level. TSL reduced its rate by ₦6 to ₦1,244 per litre.
In Calabar, Northwest cut its depot price by ₦15 to ₦1,235 per litre, while Mainland reduced its rate by ₦10 to ₦1,240 per litre. Hong Petroleum offered the lowest price in the area after reducing its rate by ₦2 to ₦1,233 per litre.
Similarly, in Port Harcourt, Matrix reduced its petrol price by ₦3 to ₦1,243 per litre, while Optima also lowered its rate by ₦2 to ₦1,243 per litre. Rain Oil matched its Warri price of ₦1,245 per litre after a ₦23 reduction.
Analysts said the widespread price cuts indicate improved product availability and increasing competition among marketers seeking to attract bulk buyers.
They also noted that the narrowing gap between ₦1,216 per litre in Lagos and about ₦1,245 per litre in other major cities suggests depot prices are becoming more uniform across the country.
However, they explained that retail pump prices will still depend on transportation costs, operating expenses and marketers’ profit margins.
The report also showed a decline in diesel (Automotive Gas Oil) prices. In Lagos, Matrix reduced diesel by ₦55 to ₦1,645 per litre, while Aiteo cut its price by ₦15 to ₦1,630 per litre.
In Warri, Matrix lowered diesel prices by ₦70 to ₦1,650 per litre, while A.Y.M Shafa also reduced its rate by ₦40 to the same price.
