Petrol depot prices fell across Nigeria’s major fuel distribution hubs on Tuesday as marketers implemented fresh price cuts of up to ₦23 per litre, reflecting intensifying competition in the downstream petroleum sector amid improved product availability.
An analysis of the mid-day depot price report showed that marketers across Lagos, Warri, Calabar and Port Harcourt either reduced their ex-depot prices or retained existing rates, with no depot recording any price increase.
The widespread reductions come as the market continues to adjust to increased domestic supply from the Dangote Petroleum Refinery and sustained participation by fuel importers and independent marketers, creating a more competitive pricing environment.
In Lagos, the Dangote Petroleum Refinery maintained its ex-depot petrol price at ₦1,216 per litre, the lowest among major suppliers. Pinnacle matched the price after reducing its rate by ₦2 to ₦1,216 per litre.
Emadeb cut its price by ₦7 to ₦1,218 per litre, while MRS reduced its ex-depot price by ₦2 to ₦1,222 per litre. Other marketers, including Aiteo, Nipco, Ascon, Shema and T-Time, retained prices ranging between ₦1,218 and ₦1,220 per litre.
Warri recorded some of the sharpest price adjustments, with Rain Oil leading the reductions after slashing its depot price by ₦23 to ₦1,245 per litre. Matrix also reduced its price by ₦10 to ₦1,245 per litre, while TSL cut its rate by ₦6 to ₦1,244 per litre.
Other depots, including Bulk Strategic, Liquid Bulk, Masters and Sigmund, also aligned their prices around ₦1,245 per litre, underscoring the growing competition among suppliers.
In Calabar, Northwest reduced its depot price by ₦15 to ₦1,235 per litre, Mainland cut its rate by ₦10 to ₦1,240 per litre, while Hong Petroleum lowered its price by ₦2 to ₦1,233 per litre, the cheapest in the area.
Similarly, in Port Harcourt, Matrix reduced its ex-depot petrol price by ₦3 to ₦1,243 per litre, Optima lowered its rate by ₦2 to the same level, while Rain Oil mirrored its Warri pricing by cutting ₦23 to ₦1,245 per litre.
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Industry analysts attributed the downward movement to stronger product supply and increasing competition among marketers seeking to attract bulk buyers in the deregulated market.
They noted that the narrowing price gap between Lagos, where petrol sells for as low as ₦1,216 per litre, and other regional supply hubs averaging ₦1,245 per litre, signals greater price convergence across the country.
Despite the reductions at depots, analysts said retail pump prices may not decline immediately, as transportation costs, distribution margins and other operating expenses remain key determinants of the final price consumers pay.
Diesel prices also trended downward during the period. In Lagos, Matrix reduced the price of Automotive Gas Oil (AGO) by ₦55 to ₦1,645 per litre, while Aiteo cut its price by ₦15 to ₦1,630 per litre.
In Warri, Matrix lowered diesel prices by ₦70 to ₦1,650 per litre, while A.Y.M Shafa also reduced its rate by ₦40 to the same level.
The latest adjustments reinforce the growing influence of market competition and improved fuel availability on pricing trends in Nigeria’s downstream petroleum industry, with marketers increasingly using lower depot prices to gain market share
