New Petrol Prices as Importers Compete With Dangote Refinery
- Oil marketers have intensified competition with Dangote Petroleum Refinery as fuel landing cost drops
- Dangote pegged its ex-depot price at N847 and this will followed by A.A. Rano, Aiteo, NIPCO and Techno Oil also lowering prices
- Analysts say the mixed adjustments reflect an intensifying battle for market share, with more price movements expected
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 wholesale petrol prices continued to adjust across key depots as fuel importers moved to stay competitive with the Dangote Petroleum Refinery.
Data from multiple depots showed slight petrol price reductions among major importers and also Dangote Refinery.
Source: Getty Images
New petrol price
Dangote Refinery the dominant supplier in the domestic market priced its ex-depot N847 per litre, a N3 reduction from N850 on Tuesday, November 26.
Other major players quickly followed with similar downward adjustments.
Petroluemprice.ng revealed that A.A. Rano sold at N848, down N4 or 0.47%, while Aiteo and NIPCO Lagos both posted minor reductions of N1, bringing their ex-depot prices to N846 and N847 respectively.
Techno Oil recorded one of the steepest declines, cutting its price by N6 to N850, a 0.70% decrease.
However, a few depots moved in the opposite direction. Rainoil Lagos increased its price by N2 to N850, while Soroman, Alkanes and Northwest each added N10, raising their prices to N865, representing a 1.17% jump.
Operators attributed the increases to logistics constraints and varying supply costs.
Further down the chain, Pinnacle and Honeywell reduced their prices by N4 to N849 and N848 respectively. A.Y.M. Shafa sells at N858.
Here is a snapshot of 10 lowest ex-depot price
- Aiteo: N846
- Dangote: N847
- NIPCO Lagos: N847
- A.A. Rano: N848
- Matrix Lagos: N848
- Wosbab: N848
- Honeywell: N848
- Pinnacle: N849
- Heyden: N849
- Techno Oil: N850
Source: Getty Images
More petrol imported to Nigeria
About 149,500 metric tonnes of Premium Motor Spirit (PMS), roughly 194.35 million litres of petrol, has either arrived in Nigeria.
This is according to new vessel movement records from the Nigerian Ports Authority (NPA).
The latest Shipping Position report from the NPA shows that Tincan Island Port accounted for the largest share of recent PMS imports, taking in 58,500 metric tonnes in just two days.
Calabar Port followed with 46,000 metric tonnes while Warri Port handled 45,000 metric tonnes over the same period.
28,000 metric tonnes were offloaded at the Kirikiri Lighter Terminal (KLT) Phase 3A in Tincan Island from multiple vessels.
Another 20,500 metric tonnes arrived through the same terminal with an additional vessel discharging 10,000 metric tonnes at KLT Phase 2.
Calabar Port received 16,000 metric tonnes on Monday through Dozzy Oil and Gas Limited followed by 30,000 metric tonnes on Tuesday for North West Petroleum and Gas Limited.
Warri Port took in 15,000 metric tonnes on Friday at the Rainoil Terminal and another 30,000 metric tonnes arrived on Saturday through Rainoil and Matric Energy Nigeria Limited.
NNPC new petrol price
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) retail outlets have reduced the pump price of petrol.
In Abuja, NNPC filling stations are dispensing fuel at N945 per litre, down from N955, representing a N10 reduction.
Similarly, in Lagos, the price of petrol at NNPCL stations dropped slightly from N922 to N920 per litre.
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Source: Legit.ng
