Depot Owners Crash Fuel Prices as Dangote Ends N10 Rebate on Petrol Purchases

• Depot owners have lowered petrol prices again due to the falling crude oil prices in the global market
• The new price changes have been reflected across major depots nationwide, with petrol now selling at the same rate as diesel
• Experts have said that apart from crude oil price, another factor driving prices is distribution and competitive trade

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The global price of crude oil crashed again, leading fuel importers to drop costs across major depots in Nigeria.

The move reflects an ongoing shift in domestic supply dynamics, as improved distribution and competitive trade now determine lower pricing, despite the global oil market downturn.

Petrol and diesel prices change

Recent reports from depot owners confirm that petrol and diesel prices are now selling at reduced rates, signalling relief for filling stations and consumers.

According to data from Petroleumprice.ng, fuel prices dropped across key depots.

The report showed that MRS depot in Tincan now sells petrol at N834 from N838 per litre, Dangote sells at N835 from N837, Eterna Oil petrol prices sell for N835 from N837, and NIPCO has crashed its prices from N850 to N840 per litre.

The figures indicate a drop in prices compared to  May 7, 2025, when NIPCO sold its petrol at N842 and Dangote at N834 per litre.

Similarly, diesel prices also experienced a decline, with Menj selling its diesel at N930 from N935, Mao reduced its prices from N935 to N930, Ibeto crashed its prices from N937 to N940, Integrated reduced its prices from N937 to N940, and Dangote sells at N948 from N950 per litre.

Crude prices drop again

In comparison to earlier pricing on May 7, 2025, the rates show short-term reductions despite a slight depot-specific change.

The petrol price drop to a diesel level shows improved supply chain consistency, experts say.

Despite the Brent crude drop, fuel prices in Nigeria are still driven by internal logistics and distribution challenges.

Analysts say stable depot supplies and effective coordination among marketers will lead to a local price drop.

Dangote’s reduced production leads to massive imports

According to them, the fuel price drop in depots is an opportunity for retailers to stabilise pump prices, as end-users could benefit from marginally lower costs in the coming days.

Dangote Refinery reduces output

A previous report by Legit.ng disclosed that reduced petroleum product production from the Dangote Refinery due to maintenance caused a rebound in imports as the marketers resorted to European facilities to meet regional demands.

A report by S&P Global Commodities disclosed that petrol imports to Nigeria and Togo rose from 200,000 barrels daily in January to over 300,000 barrels per day in March, and 250,000 barrels in April, nearly the national daily consumption needs.

Recall that the giant refinery had denied shutting down its petrol-process unit for maintenance.

According to the S&P report on Wednesday, May 14, 2025, the Lekki-based refinery is resuming its main petrol unit, and the residue fluid catalytic cracker (RFCC) and is considering a second turnaround.

The company had disclosed that it was ready to increase its polypropylene production for local and international markets.

Dangote Refinery crashes petrol prices, ends rebate

Legit.ng earlier reported that Dangote Refinery crashed petrol price to N825 per litre from N835 amid the ongoing price war in the sector.

The move intensified competition with private depot owners, who accused the refinery of plotting to monopolise the downstream sector in Nigeria.

The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) earlier raised an alarm over what it described as an emerging market control in the downstream petroleum industry.

Source: Legit.ng