Petrol depot prices declined across major supply locations on Tuesday as marketers introduced fresh price cuts amid growing competition in Nigeria’s downstream petroleum sector.
According to Vanguard, an analysis of the midday depot price report showed that major suppliers in Lagos, Warri, Calabar and Port Harcourt either reduced their prices or retained existing rates, with no increase recorded across the locations.
The reductions come as increased domestic supply from the Dangote Petroleum Refinery, alongside continued fuel imports and activities by independent marketers, intensifies competition for bulk buyers.
In Lagos, the Dangote refinery maintained its ex-depot petrol price at ₦1,216 per litre, the lowest rate among the major suppliers covered in the report.
Pinnacle reduced its price by ₦2 to ₦1,216 per litre, bringing its rate in line with that of the Dangote refinery.
MRS lowered its price by ₦2 to ₦1,222 per litre, while Emadeb announced a ₦7 reduction, bringing its petrol price to ₦1,218 per litre.
Other suppliers, including Aiteo, Nipco, Ascon, Shema and T-Time, retained prices ranging from ₦1,218 to ₦1,220 per litre.
The adjustments indicated that marketers were increasingly reviewing their rates to remain competitive and secure a larger share of the market.
Several depots in Warri also reduced petrol prices, with Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund setting their rates at about ₦1,245 per litre.
Rain Oil recorded one of the largest reductions after cutting its price by ₦23 to ₦1,245 per litre. Matrix reduced its price by ₦10 to the same level, while TSL lowered its rate by ₦6 to ₦1,244 per litre.
The reductions narrowed the difference between depot prices in Lagos and those in other major supply centres.
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