Fuel Prices Drop Again: Marketers Cut Petrol Depot Rates by ₦23/Litre

Petrol depot prices have recorded another significant decline as oil marketers reduced rates by as much as ₦23 per litre, signaling increased competition within Nigeria’s downstream petroleum sector. The latest adjustment is expected to ease the cost burden on fuel retailers and could pave the way for lower pump prices across the country if the reductions are passed on to consumers.

Industry sources say the price cuts come amid improved product availability and shifting market dynamics following the deregulation of the petroleum sector. Several depots have revised their ex-depot prices downward in a bid to attract more buyers, prompting marketers to take advantage of the cheaper rates.

The reduction is expected to provide some relief for transport operators, businesses, and millions of Nigerians who have continued to grapple with high fuel costs and rising inflation. However, analysts note that the extent to which consumers benefit will depend on factors such as transportation costs, exchange rate fluctuations, and individual filling station pricing.

Market observers believe continued competition among petroleum marketers and stable supply could lead to further price adjustments in the coming weeks, offering hope for more affordable fuel nationwide.

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.

The latest adjustments reflect growing competition in the market, which has intensified following increased domestic supply from Dangote Refinery and continued activities by fuel importers and independent marketers.

In Warri, several depots also reduced petrol prices, with Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund cutting rates to around N1,245 per litre.

Rain Oil recorded one of the biggest reductions, cutting its price by N23 to N1,245 per litre, while Matrix reduced  price by N10 to the same level. TSL also lowered its price by ¦ 6 to ¦ 1,244 per litre.