Petroleum depot prices dropped across key distribution hubs recently as marketers introduced price cuts, highlighting a more competitive landscape within the downstream sector. Data from midday reports indicate that major facilities in Lagos, Warri, Calabar, and Port Harcourt have either lowered or frozen their rates, with no recorded increases.
In Lagos, the Dangote Petroleum Refinery kept its ex-depot price at N1,216 per litre, maintaining its position as the market’s most affordable supplier. Pinnacle matched this rate after a N2 reduction, while firms like MRS and Emadeb also adjusted their prices downward. Suppliers such as Aiteo, Nipco, and Shema kept their rates steady between N1,218 and N1,220 per litre.
Market competition is intensifying due to higher domestic production from the Dangote Refinery and steady operations from various importers. This trend extended to Warri, where companies like Rain Oil cut prices by N23, bringing the cost to N1,245 per litre. Similar downward adjustments were observed in Calabar and Port Harcourt, with firms like Northwest and Matrix lowering their rates to remain competitive.
Industry experts suggest that these price shifts result from better product availability and an effort by marketers to capture more demand from bulk purchasers. While the price difference between Lagos and other regions is shrinking, the final cost at retail pumps remains subject to logistics and operational expenses. Furthermore, diesel prices have also trended downward in several locations, with significant cuts reported by Matrix and Aiteo in Lagos and Warri.
