Nigerians Get Relief As Depot Rivalry Forces Petrol PriAces Lower

The price decline followed a drop in global crude oil prices, with the international benchmark, Brent crude, falling below the $80-per-barrel mark. Market data showed that Brent crude dropped by $4.68, representing a 5.59 percent decrease, to settle at $79.09 per barrel.

West Texas Intermediate (WTI) also recorded a decline, falling by $4.79 or 5.96 percent to $75.55 per barrel, while the Organisation of Petroleum Exporting Countries (OPEC) basket dropped by $8.87 to $79.50 per barrel.

Industry analysts noted that sustained lower crude prices could reduce the cost of refined petroleum products, although it may also affect revenues for oil-producing countries, including Nigeria.

A market review showed that major suppliers, including the Dangote Petroleum Refinery, maintained competitive pricing, while some independent operators adjusted their rates downward to attract more buyers.

In Lagos, Dangote retained its ex-depot petrol price at ₦1,215 per litre, while Pinnacle and NIPCO maintained prices at ₦1,215 and ₦1,216 per litre respectively. Ardova reduced its price slightly to ₦1,216, while African Terminal and Integrated Depot adjusted theirs to ₦1,217 per litre. MRS maintained its price at ₦1,218 per litre.

The narrow price gap among major Lagos depots, ranging between ₦1,215 and ₦1,218 per litre, highlighted growing competition among suppliers and bulk buyers.

Diesel prices also witnessed adjustments, with Emadeb reducing its Automotive Gas Oil (AGO) price by ₦10 to ₦1,620 per litre. Dangote, however, increased its diesel price slightly by ₦1 to ₦1,651 per litre, while other depots maintained prices between ₦1,620 and ₦1,625 per litre.

In Port Harcourt, Matrix reduced its petrol price to ₦1,220 per litre, while Bulk Strategic and Matrix also lowered diesel prices by ₦10 and ₦5 respectively.

Warri recorded some of the biggest price reductions, with Matrix, A.Y.M. Shafa, Optima and Rainoil among operators cutting petrol prices. Diesel prices also declined, with NIPCO recording a notable reduction of ₦15 to ₦1,650 per litre.

Meanwhile, filling station operators in Lagos and surrounding areas have reportedly reduced pump prices following adjustments by major suppliers. MRS, which receives products from the Dangote refinery, lowered its retail petrol price from ₦1,280 to ₦1,245 per litre, while other marketers adjusted their pump prices to between ₦1,245 and ₦1,250 per litre.

Market observers believe the ongoing competition among petroleum marketers and continued pressure from lower crude prices could lead to further reductions in fuel prices if current trends persist.