Petrol Depot Prices Drop As Marketers Battle For Customers

Petrol depot prices recorded fresh declines across major supply hubs on Tuesday as marketers rolled out new price reductions in a bid to attract bulk buyers amid intensifying competition in Nigeria’s downstream petroleum sector.

According to Ireporter Online, an analysis of the latest midday depot pricing showed that suppliers in Lagos, Warri, Calabar and Port Harcourt either reduced their ex-depot prices or maintained existing rates, with no increase reported across the monitored locations.

The latest adjustments come as increased domestic production from the Dangote Petroleum Refinery, sustained fuel imports and growing participation by independent marketers continue to reshape competition within the industry.

In Lagos, the Dangote Petroleum Refinery maintained its ex-depot petrol price at ₦1,216 per litre, the lowest among the leading suppliers surveyed. Pinnacle also reduced its price by ₦2 to match Dangote’s rate of ₦1,216 per litre.

MRS lowered its ex-depot price by ₦2 to ₦1,222 per litre, while Emadeb announced a ₦7 reduction, bringing its price to ₦1,218 per litre.

Other marketers, including Aiteo, Nipco, Ascon, Shema and T-Time, retained their prices within the ₦1,218 to ₦1,220 per litre range, reflecting a broader effort to remain competitive in the evolving market.

In Warri, several depots also adjusted their prices downward. Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund all fixed their ex-depot prices at approximately ₦1,245 per litre.

Rain Oil recorded one of the sharpest price cuts, slashing its rate by ₦23 to ₦1,245 per litre, while Matrix reduced its price by ₦10 to the same level. TSL also trimmed its ex-depot price by ₦6, settling at ₦1,244 per litre.

Industry observers say the sustained downward price adjustments highlight the growing rivalry among suppliers as they compete for a larger share of Nigeria’s fuel distribution market.