Petrol depot prices fell across major supply centres yesterday as marketers cut rates by as much as N23 per litre, in a sign of intensifying competition in the downstream sector.
A mid-day depot price report showed most depots in Lagos, Warri, Calabar and Port Harcourt either lowered prices or held them steady. No depot recorded an increase.
In Lagos, Dangote Petroleum Refinery kept its ex-depot price unchanged at N1,216 per litre, still the lowest among major suppliers. Pinnacle cut its price by N2 to match Dangote at N1,216.
MRS dropped its rate by N2 to N1,222 per litre, and Emadeb cut N7 to N1,218. Aiteo, Nipco, Ascon, Shema and T-Time held prices between N1,218 and N1,220.
The cuts point to growing competition as domestic supply from the Dangote refinery rises alongside continued imports and sales by independent marketers.
In Warri, Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund all brought prices down to around N1,245 per litre. Rain Oil made the sharpest cut in the market, slashing N23 off its price to N1,245. Matrix cut N10 to the same level, while TSL trimmed N6 to N1,244.
In Calabar, Northwest cut N15 to N1,235 and Mainland cut N10 to N1,240. Hong Petroleum’s N2 cut brought its price to N1,233, the lowest in the city.
In Port Harcourt, Matrix cut N3 to N1,243 and Optima cut N2 to the same figure. Rain Oil again cut N23 to N1,245.
Analysts say the reductions reflect better supply conditions and marketers competing harder for bulk buyers. The gap between Lagos’s N1,216 floor and the roughly N1,245 seen elsewhere shows depot prices converging nationally, though what happens at the pump will still hinge on logistics costs, retail margins and other overheads.
Diesel prices fell too. In Lagos, Matrix cut N55 to N1,645 and Aiteo cut N15 to N1,630. In Warri, Matrix cut N70 to N1,650 and A.Y.M Shafa cut N40 to match.
The trend points to competitive pricing and better product availability increasingly driving Nigeria’s downstream petroleum market.
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