Petrol Depot Prices Drop as Marketers Slash Rates by Up to ₦23/Litre

Petrol depot prices fell across major supply centres on Tuesday as marketers implemented fresh price cuts of up to ₦23 per litre, reflecting growing competition in Nigeria’s downstream petroleum market.

An analysis of the mid-day depot price report showed that major depots in Lagos, Warri, Calabar and Port Harcourt either reduced their ex-depot prices or maintained existing rates, while no depot recorded an increase.

In Lagos, Dangote Petroleum Refinery retained its ex-depot petrol price at ₦1,216 per litre, the lowest among major suppliers. Pinnacle reduced its price by ₦2 to match Dangote’s rate, while MRS also cut its price by ₦2 to ₦1,222 per litre.

Emadeb lowered its price by ₦7 to ₦1,218 per litre, while Aiteo, Nipco, Ascon, Shema and T-Time maintained prices between ₦1,218 and ₦1,220 per litre.

Industry observers said the latest adjustments reflect increasing competition following improved domestic supply from the Dangote Refinery alongside continued imports by independent marketers.

In Warri, several depots reduced their prices, with Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund selling petrol at about ₦1,245 per litre.

Rain Oil recorded one of the biggest reductions, slashing its price by ₦23 to ₦1,245 per litre, while Matrix cut its rate by ₦10 to the same level. TSL also reduced its price by ₦6 to ₦1,244 per litre.

In Calabar, Northwest lowered its depot price by ₦15 to ₦1,235 per litre, Mainland reduced its rate by ₦10 to ₦1,240 per litre, while Hong Petroleum cut its price by ₦2 to ₦1,233 per litre, the lowest in the area.

Similarly, in Port Harcourt, Matrix reduced its petrol price by ₦3 to ₦1,243 per litre, Optima lowered its rate by ₦2 to the same level, while Rain Oil also reduced its price by ₦23 to ₦1,245 per litre.

Analysts said the widespread reductions indicate improved product availability and stronger competition among marketers seeking to attract bulk buyers. They noted that the narrowing gap between Lagos and other markets suggests increasing price convergence nationwide.

However, they added that retail pump prices will still depend on transportation costs, marketers’ margins and other operating expenses.

Diesel prices also declined across several locations. 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 reduced diesel by ₦70 to ₦1,650 per litre, while A.Y.M Shafa lowered its rate by ₦40 to the same level.

The latest price movements indicate that improved supply and competitive pricing are increasingly shaping Nigeria’s downstream petroleum market.