Filling Stations’ Announce Latest Petrol Prices: One Sells Cheaper Than NNPC, Dangote
- Petrol prices at filling stations have changed following a reduction in ex-depot prices across the country
- A survey revealed that retail petrol prices now range between N865 and N950 nationwide at NNPC and other filling stations
- Private depots competing with the Dangote Refinery for marketers have also adjusted their prices in line with the refinery’s price range
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.
Marketers across the country have reduced their petrol prices following changes in ex-depot prices by Dangote refinery and private depot owners.
The latest survey showed that petrol at Nigerian National Petroleum Company Limited (NNPC) retail stations is selling for N865 per litre, down from the previous rate of N890 per litre.
Source: Getty Images
N865 per litre is the same rate for petrol at the filling stations of Dangote refinery partners such as MRS, Hyde, and Ardova.
Only Cecilia Filling Station along Idimu road, Lagos, was selling at N855 per litre to motorists.
Here is a snapshot of fuel prices on Monday
- NNPC: N865
- MRS: N865
- Ardova: N865
- Matrix: N865
- De Petroleum: N865
- Seaman Liquid: N865
- Fatgbems: N865
- Petrocam: N865
- TotalEnergies: N870
- Pinnacle: N870
- Mobil: N870
Depots reduce petrol prices
The major reasons for the reduction in petrol prices are due to changes in ex-depot prices at private depots and also the Dangote refinery.
Dangote refinery recently announced a drop in its petrol prices from N850 to N820 per litre.
Depots to remain competitive were also made to adjust their prices within the price range of Dangote.
According to data from PetroleumPrice.ng, several depots are not selling petrol at the same rate offered by Dangote.
WOSBAB and Aiteo have reduced prices to N821, matching Dangote's N821 per litre price for marketers.
Matrix Warri also dropped its price by N2 to N838. Conversely, Parker depot increased its price by N1 to N839, and NIPCO Lagos reduced its price by N3 to N827.
Here are the top 10 cheapest ex-depot petrol prices
- Mobil: N850
- Pinnacle: N822
- MAO: N822
- MENJ: N822
- A.A. Rano: N821
- WOSBAB: N821
- Dangote: N821
- Aiteo: N821
- Bovas: N823
- Sahara: N823
Source: Getty Images
Dangote's direct supply to change prices
The Dangote Petroleum Refinery is set to begin direct delivery of petrol and diesel, deploying 4,000 new Compressed Natural Gas-powered tankers to boost delivery capacity.
Experts expect that the move will help drive down fuel prices and ensure consistent availability.
Olatide Jeremiah, energy expert and CEO of Petroleumprice.ng, said:
"For me, the Dangote's distribution plan is posed to face an uphill battle, as stakeholders like depot owners and truck owners have entrenched interests and will fiercely defend their market share.
"Lately, the swift price cuts by depot owners to compete with Dangote's consistent price drop is a testament."
PETROAN speaks on petrol price adjustment
Earlier, Legit.ng reported that the national president of the Petroleum Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said that marketers can only adjust prices once old stock is sold to avoid incurring heavy losses.
The PETROAN boss said prices did not go down in the previous weeks because some traders were still selling old stocks.
While insisting that the petrol price would soon find stability, Gillis-Harry expressed optimism that consumers would eventually benefit from the price reduction as more stations sell off their old stocks.
Source: Legit.ng
