Petrol Price Drops, Cheaper than Dangote Rate as Competition Continues
- The price of petrol has dropped at several independent marketers' filling stations as the cost of landing petrol declines
- Private depots have also reduced prices as they compete with the Dangote Refinery to attract customers seeking cheaper fuel
- The price competition is expected to continue until the federal government begins implementing the new petrol tariff
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.
Fuel prices have dropped at several filling stations as the landing cost of Premium Motor Spirit (PMS) continues to decline.
Source: Getty Images
Major retailers, including NIPCO, AA Rano, Eterna, and Empire Energy, have reduced their pump prices.
At NIPCO and AA Rano stations in Abuja, petrol now sells for N940 per litre, down from between N950 and N955.
Eterna and Empire Energy also revised their prices to N945 and N955, respectively, down from N955 and N959 earlier in the week.
This represents a reduction of between N4 and N10 per litre across several retail outlets in the Federal Capital Territory.
Earlier in the week, NNPC retail outlets in Abuja also adjusted pump prices to N945 per litre, down from N955.
Source: Getty Images
However, some stations have kept prices unchanged. MRS, which sells Dangote-branded petrol, and Ranoil maintained pump prices at N950 and N955 respectively as of Thursday morning.
An MRS station manager, who requested anonymity, said:
“We may review our price later today, but for now we still sell at N950 per litre.”
Petrol landing cost drops
Punch reports that the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of petrol has dropped to N827.04 per litre as of November 3, down from N829.77 per litre at the end of October.
Data from petroluemprice.ng revealed the latest ex-depot prices as follows: Dangote Refinery and Pinnacle both have an ex-depot price of N872 per litre, while NIPCO, BOVAS, Aiteo, and AA Rano are all at N870 per litre.
This indicates that the current landing cost of N827.04 per litre is N44.96 lower than Dangote Refinery’s ex-depot price.
Here are the depots selling lower than Dangote
- Rainoil Lagos: N871
- Eterna: N871
- Lister: N871
- Aipec: N871
- Ardova: N871
- Matrix Lagos: N871
- Integrated: N871
- Bovas: N870
- Aiteo: N870
- A.A Rano: N870
- Nipco Lagos: N870
Depots with the highest prices
- Northwest: N910
- Sobaz: N907
- Mainland: N907
- Matrix PH: N893
- Rainoil Delta: N890
- Matrix Warri: N890
- Zamson: N889
- Bulk Strategic: N886
- TSL: N887
Dangote direct petrol supply cuts out middlemen
Earlier, Legit.ng reported that as Dangote Petroleum Refinery kicked off its direct fuel distribution, bulk buyers and filling stations are jettisoning middlemen for the refinery’s direct delivery.
Yusuf Othman, president of the National Association of Road Transport Owners (NARTO), stated that bulk purchasers have abandoned agreements with his members to take advantage of Dangote’s free fuel delivery.
He noted that NARTO members operate around 30,000 trucks and are unable to provide fuel without charge.
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Source: Legit.ng
