Petrol Depot Prices Fall as Competition Heats Up

Petrol depot prices eased across Nigeria’s main supply hubs as marketers implemented fresh cuts, with depots in Lagos, Warri, Calabar and Port Harcourt either lowering or holding rates and none recording an increase.

In Lagos, Dangote Petroleum Refinery held its ex-depot price at ₦1,216 per litre, the lowest among major suppliers, with Pinnacle matching it after a ₦2 reduction. MRS cut ₦2 to ₦1,222 and Emadeb trimmed ₦7 to ₦1,218, while Aiteo, Nipco, Ascon, Shema and T-Time held between ₦1,218 and ₦1,220. In Warri, Rain Oil posted one of the steepest cuts at ₦23 to ₦1,245, matched at that level by Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund. Calabar and Port Harcourt followed the same pattern.

Analysts linked the reductions to improved product availability and stronger competition for bulk buyers, noting that the narrowing spread — from ₦1,216 in Lagos to about ₦1,245 elsewhere — points to growing price convergence. They cautioned that the effect on pump prices will still depend on transport costs and marketers’ margins.

Source: Daily Times