New Petrol Prices: 5 Marketers Sell Fuel at Cheapest Rate As Dangote Exports
- Depot owners across the country have adjusted their petrol prices to reflect market reality
- The cheapest depot rate is N20 below the highest price of N1,275 per litre quoted by Aiteo, NIPCO, and Pinnacle
- The pricing shift comes as marketers await a fresh supply announcement from Dangote Refinery
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.
Petrol marketers across Nigeria have continued to adjust depot prices, with some offering cheaper products to attract buyers amid intense competition in the downstream sector.
A market survey showed that Hong Petroleum and Soroman currently offer the lowest depot price at N1,255 per litre, making them the cheapest source of petrol among the surveyed depots.
Source: Getty Images
The price is N20 lower than the highest depot rates of N1,275 per litre charged by Aiteo, NIPCO, and Pinnacle.
The latest pricing obtained from Petroleumprice.ng comes as marketers continue to monitor supply costs while awaiting a fresh pricing announcement from Dangote Refinery, which had earlier pledged to supply petrol directly to marketers to reduce pump prices nationwide.
Cheapest petrol depot prices
A review of the latest depot prices on Tuesday, July 21 shows that Bulk Strategic, Liquid Bulk, Masters, and Sigmund are selling petrol at N1,263 per litre.
Matrix Energy and Sobaz are offering the product at N1,265 per litre.
At N1,273 per litre, African Terminal, Gulf Treasure, Integrated, Sahara, and T.Time are among the next cheapest suppliers.
The highest prices in the latest survey are N1,275 per litre, quoted by Aiteo, NIPCO, and Pinnacle.
Latest petrol depot prices
- Hong Petroleum: N1,255
- Soroman: N1,255
- Bulk Strategic: N1,263
- Liquid Bulk: N1,263
- Masters: N1,263
- Sigmund: N1,263
- Matrix: N1,265
- Sobaz: N1,265
- African Terminal: N1,273
- Gulf Treasure: N1,273
- Integrated: N1,273
- Sahara: N1,273
- T.Time: N1,273
- Aiteo: N1,275
- NIPCO: N1,275
- Pinnacle: N1,275
Source: Getty Images
Dangote Refinery fuel exports
Meanwhile, Vanguard reports that the Dangote Petroleum Refinery has expanded its exports of refined fuel as challenges in securing enough crude oil locally and ongoing foreign exchange shortages continue to affect its operations.
The development comes amid higher global crude oil prices, which are expected to raise the refinery's production costs. However, stronger international prices for refined petroleum products are helping to cushion the impact by supporting refining margins.
Findings indicate that crude oil deliveries under the Federal Government's naira-for-crude initiative have dropped considerably, forcing the 650,000-barrels-per-day refinery to rely more heavily on imported crude to keep production running.
Despite continuing to supply petrol and other refined products to the Nigerian market in naira, the refinery has reportedly struggled to obtain sufficient U.S. dollars from its local currency earnings to pay for crude purchases from foreign suppliers.
Another oil company begins direct fuel supply
Previously, Legit.ng reported that Sixxco Oil Ltd joined the growing list of marketers receiving petroleum products directly from the Dangote Refinery under its Direct Delivery Scheme.
The company recently took delivery of its first consignment of Premium Motor Spirit (PMS), also known as petrol, along with other refined products from the refinery.
Speaking on the development, Sixxco Oil Ltd's Chief Executive Officer, Hubert Ngoka, said the arrangement enables the company to source petrol and other fuels directly from the refinery for supply to its affiliate filling stations and customers across Rivers State.
Source: Legit.ng
