Petrol depot prices declined across major supply centres yesterday as marketers implemented fresh price cuts, signalling increased competition in the downstream petroleum market.

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

In Lagos, the Dangote Petroleum Refinery retained its ex-depot petrol price at N1,216 per litre, the lowest among major suppliers. Pinnacle reduced its price by N2 to N1,216 per litre, matching Dangote’s rate.

MRS lowered its price by N2 to N1,222 per litre, while Emadeb reduced its rate by N7 to N1,218 per litre. Other suppliers, including Aiteo, Nipco, Ascon, Shema and T-Time, maintained prices between N1,218 and N1,220 per litre.

The latest adjustments reflect growing competition in the market, which has intensified following increased domestic supply from Dangote Refinery and continued activities by fuel importers and independent marketers.

In Warri, several depots also reduced petrol prices, with Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund cutting rates to around N1,245 per litre.

Rain Oil recorded one of the biggest reductions, cutting its price by N23 to N1,245 per litre, while Matrix reduced price by N10 to the same level. TSL also lowered its price by ¦ 6 to ¦ 1,244 per litre.

In Calabar, Northwest reduced its depot price N15 to N1,235 per litre, while Mainland cut its rate by N10 to N1,240 per litre. Hong Petroleum reduced its price by N2 to N1,233 per litre, the lowest quoted in the area.

Similarly, in Port Harcourt, Matrix reduced petrol price by N3 to N1,243 per litre, while Optima lowered its rate by N2 to the same level. Rain Oil also cut its price by N23 to N1,245 per litre.

Industry analysts said the widespread reductions reflect improved supply conditions and increased competition among marketers seeking to attract bulk buyers.

The narrowing price gap—from N1,216 per litre in Lagos to about N1,245 per litre in other major markets—indicates increasing convergence in depot pricing across the country.

However, the impact on retail pump prices will depend on logistics costs, retail margins and other operational expenses.

Meanwhile, diesel (Automotive Gas Oil, AGO) prices also declined across several locations. In Lagos, Matrix reduced diesel price by N55 to N1,645 per litre, while Aiteo cut its price by N15 to N1,630 per litre.

In Warri, Matrix reduced diesel by N70 to N1,650 per litre, while A.Y.M Shafa cut its rate by N40 to the same price.

The latest movement suggests that competitive pricing and improved product availability are increasingly shaping Nigeria’s downstream petroleum market. (Vanguard)

Update news