Petrol Prices Fall Below Dangote Refinery’s ₦1,350 Rate in Three Cities
- Petrol prices have fallen below Dangote Refinery’s benchmark in Calabar, Warri and Port Harcourt as supply increases
- Calabar depots offer PMS at ₦1,330 per litre, while Warri and Port Harcourt prices also undercut Lagos
- Deeper stocks and import-related pressure are forcing depot owners to cut wholesale offers and compete for buyers
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol prices have declined across Calabar, Warri and Port Harcourt as increased supply intensifies competition among depot owners and pushes wholesale offers below the Dangote Petroleum Refinery’s ₦1,350 per litre gantry price.
A market survey released by Petroleumprice.ng on Friday showed that some depots in the three coastal cities were selling Premium Motor Spirit at between ₦1,330 and ₦1,335 per litre.
Source: Getty Images
The development represents a rare reversal in the downstream market, with wholesale prices in Calabar, Warri and Port Harcourt now lower than offers in Lagos.
Calabar records lowest petrol price
According to the survey, Alkanes, Sobaz, Fynefield and Northwest depots in Calabar were selling petrol at ₦1,330 per litre.
The price is ₦20 below the Dangote refinery’s gantry rate and currently represents the lowest offer among the coastal markets covered by the report.
In Warri, Nepal, Matrix and Optima were each quoting ₦1,335 per litre, placing their offers ₦15 below the refinery benchmark.
Meanwhile, Masters and Stockgap depots in Port Harcourt were selling at ₦1,333 and ₦1,332 per litre, respectively. These rates are between ₦17 and ₦18 below Dangote’s ₦1,350 price.
Lagos petrol offers remain higher
Wholesale petrol prices in Lagos remained comparatively higher despite its traditional position as a major distribution centre.
African Terminal, Ascon and Integrated were selling petrol at ₦1,351 per litre, while MRS Tincan quoted ₦1,352.
Based on the latest figures, Calabar’s ₦1,330 offer is between ₦21 and ₦22 below the Lagos range. Warri is between ₦16 and ₦17 cheaper, while Port Harcourt prices are approximately ₦18 to ₦20 lower.
The difference presents an unusual market situation in which petrol is trading more cheaply outside Lagos, even though the city remains close to the Dangote refinery and several major import terminals.
Increased supply fuels competition
The price reduction coincides with improved petrol availability across the three markets.
The report said Calabar had seven depots with petrol stocks, while Warri and Port Harcourt had five and six, respectively. This gives the three locations a deeper physical supply position than the Lagos market.
Increased product volumes from the Dangote refinery have reportedly shifted competitive pressure towards the coastal hubs. Depot owners holding available stocks are cutting their offers to attract wholesale buyers and move products more quickly, according to data obtained from PetroleumPriceNG.
This supply-driven competition has created the unusual situation in which petrol is changing hands below the refinery’s own gantry price.
Import restrictions add pressure
The market movement also comes amid restrictions affecting some Lagos traders over import licence permits.
Market sources said some affected traders had already imported petroleum products and were seeking to sell or blend the volumes. That situation is adding further supply pressure to the wholesale market.
Source: Getty Images
The current price structure shows Dangote refinery at ₦1,350 per litre, Calabar at ₦1,330, Warri at ₦1,335 and Port Harcourt at between ₦1,332 and ₦1,333.
Lagos, meanwhile, remains higher at between ₦1,351 and ₦1,352 per litre, highlighting how stronger supply and depot competition are reshaping petrol prices across Nigeria’s coastal markets.
Petrol hits N1,850/Litre in Northern state
Legit.ng earlier reported that petrol prices have climbed sharply across parts of Northern Nigeria, with motorists in some communities paying as much as N1,850 per litre, deepening concerns over transportation costs, food prices and household expenses.
The steepest price cited was in Mubi, Adamawa State, where petrol reportedly reached N1,850 per litre. In several other northern markets, prices have moved into the N1,500 to N1,700 range.
Source: Legit.ng
