New Petrol Prices Emerge at Depots Below Dangote's Rate as FG Demands Reduction
- Depot owners have cut petrol prices below Dangote Refinery's rate, with Aiteo selling at N1,074 per litre and seven others at N1,075
- Eight depots now offer petrol cheaper than Dangote's N1,076 ex-depot price, intensifying competition
- The latest price reductions could pave the way for lower pump prices nationwide at filling stations
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 downstream petroleum market has entered another round of intense price competition as depot owners cut the ex-depot prices of Premium Motor Spirit (PMS), with several marketers now selling below Dangote Petroleum Refinery's latest price.
The fresh reductions came after Dangote Refinery lowered its ex-depot price to N1,076 per litre, prompting rival depot owners to adjust their rates to remain competitive.
Source: Getty Images
Also, the federal government has called on Dangote Petroleum Refinery, fuel marketers and other downstream operators to lower petrol prices, insisting that Nigerians should benefit whenever global crude oil prices decline.
Latest petrol prices at depots
Data obtained on Tuesday, July 7, showed that Aiteo is offering petrol at N1,074 per litre, the lowest among major depots. Meanwhile, African Terminal, AIPEC, Ascon, Heyden, Mao, Pinnacle, and Sahara are selling at N1,075 per litre, making them N1 cheaper than Dangote's price during Monday sales.
Other marketers, including Ardova, MRS, NIPCO, and Techno Oil, are matching Dangote's N1,076 per litre price, Petroleumprice.ng reports.
The latest adjustments signal an escalating price war in Nigeria's deregulated downstream sector as suppliers compete to attract independent marketers.
Industry analysts say the lower depot prices could translate into another round of reductions at filling stations if marketers pass on the savings to motorists.
The latest market data shows that eight depots are now selling petrol below Dangote Refinery's N1,076 per litre ex-depot price, while four depots are matching the refinery's rate, underscoring the growing competition among fuel suppliers.
Source: Getty Images
Here is a snapshot of petrol prices nationwide at wholesale rate
Depot | Price | Compared with Dangote |
Aiteo | N1,074 | N2 cheaper |
African Terminal | N1,075 | N1 cheaper |
AIPEC | N1,075 | N1 cheaper |
Ascon | N1,075 | N1 cheaper |
Heyden | N1,075 | N1 cheaper |
Mao | N1,075 | N1 cheaper |
Pinnacle | N1,075 | N1 cheaper |
Sahara | N1,075 | N1 cheaper |
Ardova | N1,076 | Same price |
Dangote Refinery | N1,076 | Benchmark |
MRS | N1,076 | Same price |
NIPCO | N1,076 | Same price |
Techno Oil | N1,076 | Same price |
Sigmund | N1,082 | N6 higher |
A.Y.M Shafa | N1,085 | N9 higher |
Matrix | N1,085 | N9 higher |
Nepal | N1,085 | N9 higher |
Optima | N1,085 | N9 higher |
Prudent | N1,085 | N9 higher |
Soroman | N1,088 | N12 higher |
Parker | N1,090 | N14 higher |
Rain Oil | N1,090 | N14 higher |
10 states where Nigerians buy NNPC petrol cheaper
Earlier, Legit.ng reported that the Nigerian National Petroleum Company (NNPC) has reduced petrol price across its filling stations nationwide, with many now selling below N1,200.
Lagos and Ogun recorded the lowest pump price at N1,170 per litre from N1,210, while the price list shows that Yobe recorded the highest pump price at N1,395 per litre.
Other states with high petrol prices include Bauchi (N1,385), Sokoto (N1,378), Plateau (N1,375), and Benue and Zamfara (N1,370 each).
Source: Legit.ng
