Petrol depot prices drop as marketers slash rates by up to N23/litre

Petrol depot prices are declining across Nigeria's major supply hubs as marketers implement fresh cuts, signaling heightened competition in the downstream petroleum sector. Analysis of mid-day reports shows depots in Lagos, Warri, Calabar, and Port Harcourt either lowered prices or maintained existing rates, with no increases recorded. In Lagos, Dangote Petroleum Refinery kept its ex-depot price at N1,216 per liter, the lowest among major suppliers. Pinnacle matched this rate with a N2 reduction, while MRS and Emadeb also lowered prices. Other suppliers held steady. These adjustments reflect intensified market competition, boosted by increased domestic supply from the Dangote Refinery and ongoing activities from fuel importers. Similar price reductions were observed in Warri, Calabar, and Port Harcourt, with Rain Oil recording one of the largest cuts, reducing its price by N23 per liter in Warri. Industry analysts attribute the widespread decreases to improved supply conditions and marketers' efforts to attract buyers. The narrowing price gap across different regions suggests increasing price convergence. The impact on retail pump prices, however, will depend on factors like logistics costs and retail margins. Meanwhile, diesel prices have also seen reductions in several locations, with Matrix and Aiteo cutting prices in Lagos, and Matrix and A.Y.M Shafa in Warri. These movements indicate that competitive pricing and better product availability are increasingly influencing Nigeria's petroleum market.