Petrol Price War Heats Up as Depot Owners Slash Rates to Rival Dangote Refinery
- Depot operators have quickly adjusted their petrol prices downwards to match Dangote Refinery’s reduced rate
- The new rates by the depot owners are a response to the mega refinery’s price offerings, which put marketers on their toes
- Depots such as Bovas, Emadeb, Pinnacl, and MRS have all released new petrol prices, matching Dangote’s rate
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Depot operators in Lagos have announced a new petrol price to counter Dangote Refinery’s newly released PMS rate.
The depot owners cut petrol prices from N850 per litre to N822, slightly above Dangote’s N820 rate.
Source: Getty Images
The price cut by Dangote Refinery comes amid declining crude prices, which have seen global benchmarks tumble following international sanctions against Russia.
Brent Crude, WTI, Murban and other global benchmarks recorded steep declines this week.
Dangote draws marketers into the price war
The new development comes shortly after the mega refinery reduced its ex-depot rate to N820 per litre from N856.
The new prices by depot owners have intensified the pricing war with Africa’s largest refining facility.
According to a price movement monitored on Petroleumpriceng, Pinnacle and Dangote Refinery are now head-to-head on prices, with N822 per litre.
Depot operators’ new petrol prices
Other operators such as AA Rano and Emadeb sell at N823 per litre, while MRS Tincan and Bovas sell at N825 per litre.
These adjustments have closed the pricing gap between Dangote Refinery, forcing competitors to act swiftly to avoid customer loss.
According to reports, marketers in Apapa disclosed that the rapid response now defines Nigeria’s deregulated downstream sector.
The price changes show more than just rivalry; they define the fight to retain product turnover at a higher rate.
Why did depot owners respond rapidly?
Data shows that bulk buyers often move towards the lowest-price suppliers, and in a high-volume industry, a N2 difference can shift market dynamics overnight.
Experts say Lagos remains the melting pot of the fuel price battle, acting as Nigeria’s major distribution hub.
They say the ripple effect could hit other cities if Dangote continues to sell at reduced rates.
Pressure mounts on other cities
The pressure could force depots in places like Port Harcourt, Warri, and Calabar to adjust their prices to remain competitive.
Industry watchers say that while deregulation allows immediate reviews, the next shift could be unpredictable.
Source: UGC
Marketers and transport operators are keenly watching daily updates to see when there will be another price movement and if sales volumes can change.
Meet Nigeria’s top 10 petroleum depot owners
Legit.ng earlier reported that while Dangote Refinery dominates headlines, the real lifeline of Nigeria’s petroleum supply often rests in the hands of independent depot owners.
These players store, distribute, and move millions of litres of fuel daily, ensuring petrol stations and the economy keep running.
From Lagos harbours to Calabar Free Trade Zones, they compete fiercely for market share, influence, and strategic advantage.
Source: Legit.ng
