New Fuel Prices at 6 Depots As Competition Heightens With Dangote Refinery
- There are changes in petrol prices at depots nationwide as oil marketers push to capture a slice of the market share
- Nigeria currently operates a regulated petroleum market, which allows for price-setting based on market dynamics
- NNPC Limited and retail partners of Dangote Petroleum Refinery have also adjusted their petrol pump prices
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria's petroleum industry, six major depot owners have announced reductions in the prices of Premium Motor Spirit (PMS), commonly known as petrol.
Source: Getty Images
Vanguard reports that notable players, including Emadeb, First Royal, MENJ, Aiteo, Pinnacle, and Hyde slashed their depot prices.
Emadeb led the charge by lowering its price from N903 per litre to N827 per litre, while First Royal adjusted theirs from N828 per litre to N826 per litre.
Similarly, MENJ, Aiteo, Pinnacle, and Hyde reduced their prices to N826, N825, N850, and N868 per litre, respectively, down from their previous rates.
According to Petroleumprice.ng, these reductions come as global crude oil prices remain relatively low, hovering around $65 per barrel.
Industry analysts anticipate further drops in depot prices over the next few weeks, driven by these favourable market conditions.
An anonymous industry expert suggested that attention is now turning to the gantry price of the Dangote Petroleum Refinery, hinting at a potential downward review in response to the increasingly competitive pricing.
The expert remarked.
"With depot prices aligning closely with Dangote Refinery's N825 per litre gantry price, there's optimism for additional reductions."
Dr. Billy Gillis-Harry, the National President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), acknowledged the dynamics at play, noting that these reductions are essential for remaining competitive in the domestic market.
He said:
"Importing petrol at competitive global rates necessitates these price adjustments. Healthy competition benefits consumers and drives sectoral efficiency."
Source: UGC
More reduction expected
Meanwhile, Dangote Petroleum Refinery & Petrochemicals reaffirmed its commitment to price stability despite global crude fluctuations.
Anthony Chiejina, the Group Chief Branding and Communications Officer, underscored the refinery's ongoing efforts to support the Nigerian economy.
In a statement released, Dangote Group said:
"Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers
We remain steadfast in its commitment to ensuring a steady supply of premium-quality petroleum products, with sufficient reserves to meet domestic demand, along with a surplus for export."
NNPC announces petrol price N10 below Dangote’s rate
Earlier, Legit.ng reported the Nigerian National Petroleum Company Limited’s (NNPCL) reduction in the price of petrol.
On Easter Monday, April 21, 2025, the NNPC directed its filling stations in Lagos to reduce the pump price from N910 to N880 per litre, while in Abuja, the petrol price dropped from N950 per litre to N935.
The move by NNPC comes shortly after the Dangote refinery lowered its ex-depot price from N865 to N835 per litre, prompting adjustments in retail prices by its partners such as MRS, Heyden, Optima Energy, TechnOil and Ardova.
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Source: Legit.ng
