Petrol Prices Drop As Marketers Announce New Rates
- Petrol prices have dropped across major depots, including at Dangote refinery, in the past week
- The changes follow a drop in crude oil prices, which eased following a ceasefire between the US and Iran
- Depot prices in Lagos, Port Harcourt, Warri, and Calabar dropped at varying rates
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.
Private depot owners and marketers have adjusted petrol prices downward across major depots in Nigeria, following a drop in global crude oil prices after a ceasefire agreement between the United States and Iran.
The new ex-depot prices provide relief to the downstream market and halted any changes across filling stations.
Source: Getty Images
Ex-depot price is the cost of petroleum products (like petrol or diesel) when sold to marketers, before transportation to retail filling stations.
Petrol prices drop
Petroleumprice.ng reported that at the beginning of the trading week on April 7, depot prices across key regions were elevated, with Lagos averaging N1,225 per litre, Port Harcourt N1,235 per litre, Warri N1,242 per litre, and Calabar N1,240 per litre.
By the end of the week, on Friday, April, prices had dropped to an average below N1,230 per litre across depots nationwide.
On Friday, in Lagos, Aiteo, Nipco, and A.A. Rano private depot owners sold petrol between N1,208 and N1,210 per litre during the week, while in Port Harcourt, Sigmund and Bulk Strategic adjusted prices to N1,223–N1,225 per litre.
Also, in Warri, Matrix, Danmarna, and A.Y.M. Shafa priced petrol for marketers between N1,234 and N1,235 per litre, and in Calabar, Wabeco, Sobaz, and Soroman sold at N1,223 per litre.
At the retail end, the impact is already being felt, with petrol prices easing in some locations.
Checks by Legit.ng showed that MRS are both selling at N1,245 per litre, the same rate sold at NNPC filling stations.
Source: Getty Images
Dangote reverses increase
During the week, Punch reported that Dangote refinery increased its petrol prices by N75 to N1,275 but was quickly reversed to N1,200.
A senior official quoted said that pricing decisions were influenced by global crude benchmarks and prevailing market conditions.
The official said:
“The adjustment of prices is in line with global market trends. External factors, including tensions in the Middle East, directly impact refined product pricing."
Dangote refinery, however, denied that an increase was implemented.
World Bank says imported petrol cheaper
Earlier, Legit.ng reported that the World Bank has said that imported petrol is currently cheaper than fuel supplied by the Dangote Petroleum Refinery.
In its latest Nigeria Development Update released in Abuja on Tuesday, April 7, the bank disclosed that imported Premium Motor Spirit (PMS) is about 12% cheaper than locally refined petrol.
The bank said the disparity reflects distortions in Nigeria’s domestic pricing framework amid rising global crude oil prices and shifting market dynamics.
Source: Legit.ng
