Petrol depot prices drop as marketers slash rates by up to N23/litre
Petrol depot prices have significantly dropped across major supply centers in Nigeria, with marketers implementing cuts of up to N23 per litre. This decline is attributed to increased competition in the downstream petroleum market, boosted by domestic supply from Dangote Refinery and activities of other marketers.
Why it matters
Lower petrol prices directly impact consumers and businesses by reducing transportation and operational costs, potentially stimulating economic activity and easing inflationary pressures in Nigeria. This reflects a shift in market dynamics due to increased domestic supply.
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.
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