Marketers Release Fresh Prices as Petrol Depot Rates Fall in Three Cities
- Petrol prices fell sharply in Calabar, Warri and Port Harcourt, with depot rates reaching as low as N1,330 per litre
- Dangote Refinery’s improved regional supply intensified competition, while Lagos petrol prices remained relatively firm amid tighter availability
- Diesel prices swung sharply across markets as volatile crude oil costs kept Nigeria’s downstream outlook fluid
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s downstream petroleum market recorded significant petrol price reductions in three major cities during the trading week, with depot rates falling to as low as N1,330 per litre.
The latest weekly market review by Petroleumprice.ng showed that petrol prices declined across Warri, Port Harcourt and Calabar, while Lagos remained relatively firm at around N1,350 per litre.
Source: Getty Images
The regional price cuts followed improved distribution of petrol from the Dangote Petroleum Refinery, which boosted product availability and intensified competition among depot operators outside Lagos.
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International oil prices, meanwhile, remained volatile. Brent crude climbed above $108 per barrel during the week before easing to about $103.87 ahead of the close of trading.
Calabar records biggest petrol price decline
Calabar posted the sharpest average petrol reduction among the four markets surveyed.
At Northwest depot, petrol fell from N1,355 on Monday to N1,330 per litre by Friday, representing a N25 reduction. Soroman dropped by N15 from N1,350 to N1,335.
The average Calabar price consequently declined from N1,352.50 to N1,332.50 per litre.
The development also pushed some Calabar depot prices below the refinery’s gantry benchmark, highlighting increased competition following improved product availability.
Warri, Port Harcourt marketers cut rates
Warri recorded widespread price reductions, with major depots closing the week at N1,335 per litre.
Matrix and Keonamex reduced their prices by N25, from N1,360 to N1,335, while Nepal and Optima cut rates by N20 from N1,355 to N1,335.
The average Warri price dropped by N22.50 to N1,335 per litre.
Port Harcourt followed a similar trend. Stockgap and TSL recorded the biggest reductions, cutting prices by N18 to N1,332 per litre.
Masters dropped N17 to N1,333, while Liquid Bulk and Sigmund reduced their prices by N15 to N1,335.
This brought the Port Harcourt average down from N1,350 to about N1,333.40 per litre.
Lagos petrol prices remain firm
Lagos experienced only marginal petrol price movements.
African Terminal, Integrated and Ascon moved from N1,350 to N1,351, while MRS Tincan recorded the largest decline, falling N5 from N1,357 to N1,352.
Pinnacle slipped from N1,352 to N1,350.50, while Sahara closed at N1,351.
The comparatively firm Lagos market reflected tighter product availability during the week.
Diesel prices swing sharply
Diesel, or Automotive Gas Oil, recorded much bigger movements.
In Lagos, Wosbab increased its price by N245 per litre, from N1,855 to N2,100. Pivot and Chipet rose by N95 each, while Eterna moved in the opposite direction, dropping N100 to N1,950.
Several other Lagos depots, including African Terminal, Duport, Integrated, Ibachem and Ascon, reduced diesel prices by N10 to N1,840.
Warri diesel prices also increased, with Matrix rising N70 to N2,100 and Prudent adding N8 to N1,958.
Dangote supply reshapes regional market
The weekly movements underline the growing influence of Dangote Refinery supplies on wholesale petrol pricing.
Greater availability in Warri, Port Harcourt and Calabar helped drive prices lower, while Lagos remained comparatively stable.
Source: Getty Images
However, volatile crude oil prices mean the outlook remains fluid, with domestic depot rates continuing to respond to both international replacement costs and local supply conditions.
Petrol prices hit N1,850 in Northern states
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
