Petrol depot prices fall in Lagos as Dangote Refinery maintains stability; diesel drops sharply
Translated from English, summarized and contextualized by DistantNews.
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- Petrol prices have fallen at several Lagos depots as market competition and increased domestic refining capacity influence supply dynamics.
- While the Dangote Refinery maintained stable prices, other terminals, like Rain Oil, significantly reduced their ex-depot prices for Premium Motor Spirit (PMS).
- Diesel prices also saw sharp reductions in some areas, particularly in Port Harcourt, though some terminals in other regions recorded slight increases.
Lagos, Fuel prices at several depots in Lagos have eased, with marketers adjusting rates amid shifting supply dynamics in Nigeria's downstream oil sector. The decline in ex-depot prices for Premium Motor Spirit (PMS), or petrol, reflects increased competition among suppliers and growing domestic refining capacity.
While the Dangote Refinery saw a marginal price increase for PMS, moving from ₦1,175 to ₦1,176 per liter, other major depots implemented notable reductions. Rain Oil led the decreases, cutting its petrol price by ₦18 per liter, from ₦1,180 to ₦1,162. Several other terminals, including A.A Rano, AIPEC, Bono, NIPCO, and AITEO, also lowered their PMS prices, reinforcing a downward trend in the Lagos market.
The diesel market experienced even more significant price drops in some locations. In Port Harcourt, Matrix and Sigmund recorded substantial reductions in automotive gas oil (AGO) prices, falling by ₦70 and ₦68 per liter respectively. Similar softening was observed at some Lagos terminals for AGO.
However, price movements were not uniform across the country. Some terminals in regions like Port Harcourt and Calabar saw slight increases in petrol prices, attributed to regional supply and logistics differences. Olatide Jeremiah, CEO of Petroleumprice.com, noted that these adjustments highlight the competitive nature of Nigeria's petroleum market, where local refining output, inventory levels, and transportation costs are key price determinants.
With more domestic supply entering the market,
DistantNews Editorial
Originally published by Vanguard in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.
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