Marketers Slash Petrol Depot Prices by Up to ₦23/Litre Amid Rising Competition

Petrol depot prices declined across Nigeria’s major distribution centres on Tuesday after marketers implemented fresh price cuts of up to ₦23 per litre, reflecting growing competition in the downstream oil market.

Mid-day depot price data showed that operators in Lagos, Warri, Calabar and Port Harcourt either reduced prices or maintained existing rates, with no depot reporting an increase.

Dangote Petroleum Refinery retained its ex-depot price at ₦1,216 per litre in Lagos, the lowest among leading suppliers. Pinnacle matched the price after reducing its rate by ₦2.

MRS trimmed its price by ₦2 to ₦1,222 per litre, while Emadeb reduced its depot price by ₦7 to ₦1,218 per litre. Other marketers, including Aiteo, Nipco, Ascon, Shema and T-Time, maintained prices within the ₦1,218 to ₦1,220 per litre range.

Market observers attributed the latest reductions to stronger domestic fuel supply from Dangote Refinery as well as continued product imports by independent marketers.

Warri recorded significant price adjustments, with Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund all quoting around ₦1,245 per litre.

Rain Oil recorded the largest cut, reducing its price by ₦23 to ₦1,245 per litre. Matrix lowered its price by ₦10 to the same level, while TSL cut its rate by ₦6 to ₦1,244 per litre.

In Calabar, Northwest reduced its depot price by ₦15 to ₦1,235 per litre, Mainland dropped its rate by ₦10 to ₦1,240 per litre, while Hong Petroleum posted the area’s lowest price after cutting ₦2 to ₦1,233 per litre.

Port Harcourt also witnessed lower prices, with Matrix reducing its depot price by ₦3 to ₦1,243 per litre, Optima trimming ₦2 to ₦1,243 per litre, and Rain Oil cutting ₦23 to ₦1,245 per litre.

Analysts said the broad-based reductions reflect healthier supply conditions and increased rivalry among fuel marketers competing for wholesale customers.

They added that the shrinking price difference between Lagos and other major depots points to a more uniform pricing pattern nationwide.

Despite the reductions, the eventual impact on pump prices will depend on logistics, distribution costs, operating expenses and retail margins.

Diesel prices also declined, with Matrix cutting Automotive Gas Oil prices by ₦55 to ₦1,645 per litre in Lagos and Aiteo reducing its rate 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 reduced its rate by ₦40 to the same level.

The latest adjustments underscore the increasing role of competition and improved product availability in shaping fuel prices across Nigeria.

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