Depots Lower Petrol Price Nationwide After Dangote’s Decision
- Private depot owners have lowered petrol prices nationwide to stay competitive with Dangote Refinery
- Checks show several depots cut their ex-depot prices, with some now selling closer to Dangote’s
- Price competition is expected to influence how much Nigerians pay for petrol in the coming days
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 prices across private depots have declined in response to Dangote Refinery’s pricing strategy, intensifying competition in Nigeria’s downstream oil market.
Data shows that depots are now selling petrol at prices ranging from about N1,210 to N1,240 per litre on Thursday, April 8, down from a previous average price of N1,260, following recent market adjustments.
Source: Getty Images
Depot petrol prices in Nigeria
Petroluemprice.ng reports that Soroman and Sobaz both adjusted their prices to N1,230 per litre, dropping by N10 and N5 respectively.
Rainoil Lagos reduced its price by N20 to N1,220 per litre, while A.A. Rano cut its rate to N1,213 per litre.
Aiteo also trimmed its price slightly to N1,210 per litre, reflecting a marginal downward movement.
The most significant drop was recorded by A.Y.M. Shafa, which reduced its price by N85 to N1,240 per litre.
Dangote Refinery’s price is at N1,200 per litre, continuing to serve as a key benchmark in the market.
Matrix Warri, however, maintained its price at N1,240 per litre.
Source: Getty Images
Industry players say depots are increasingly adjusting their prices to remain competitive as Dangote strengthens its position in the supply chain.
Nigerians will be hoping that the pricing decision will be beneficial to them.
Dangote slashes diesel price
Dangote Refinery has also made an adjustment to its ex-depot price of Automotive Gas Oil (diesel) to N1,750 per litre.
The new rate is a N200 or 10.25% reduction from the previous price of N1,950.
There are concerns that the price cut might change again, as reports have it that Iran reportedly shut the Strait of Hormuz less than 24 hours after agreeing to a ceasefire with the United States, citing Israel’s continued strikes on Lebanon.
As of 08.40 am on Thursday, April 9, Brent crude was trading at $97.20 per barrel, up 2.59%, while West Texas Intermediate (WTI) stood at $97.37 per barrel, a 3.14% increase.
Crude oil prices had initially dropped after a truce announcement that included reopening the Strait of Hormuz, a key global shipping route.
NNPC petrol prices
Legit.ng also reported that the Nigerian National Petroleum Company Limited (NNPCL) retail outlets have reduced their Premium Motor Spirit (PMS), also known as petrol.
The changes come three days after Dangote Refinery reduced its petrol gantry price by N85 to N1,200 per litre from N1,285.
Petrol is now selling at N1,255 per litre, down from N1,330, representing a reduction of N75.
While the state-owned oil firm’s filling stations in Abuja reduced their prices to N1,295 per litre from N1,361, this means that NNPCL retail outlets cut petrol prices by N71 per litre in Abuja.
Source: Legit.ng
