By Opeyemi Adelakun
Petrol marketers have intensified the ongoing price war in Nigeria’s downstream petroleum sector, cutting ex-depot prices across major supply hubs as improved product availability and fierce competition continue to reshape the market.
The latest pricing data showed that several depots in Lagos, Warri, Port Harcourt and Calabar reduced petrol prices on Tuesday, with no major supplier announcing an increase. The adjustments, which saw reductions of up to ₦23 per litre, underscore the growing battle among marketers to attract bulk buyers following increased domestic supply from the Dangote Petroleum Refinery and sustained participation by fuel importers.
In Lagos, Dangote Petroleum Refinery maintained its ex-depot price at ₦1,216 per litre, retaining its position as one of the cheapest suppliers in the market. Pinnacle matched the refinery’s price after reducing its rate by ₦2 per litre, while Emadeb lowered its price by ₦7 to ₦1,218 per litre. MRS also trimmed its rate 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 most significant reductions. Rain Oil cut its ex-depot price by ₦23 to ₦1,245 per litre, one of the sharpest price adjustments recorded during the trading session. Matrix also reduced its rate by ₦10 to ₦1,245 per litre, while Bulk Strategic, Liquid Bulk, Masters and Sigmund aligned their prices at about the same level. TSL lowered its price by ₦6 to ₦1,244 per litre.
Similar price movements were recorded in Calabar, where Northwest reduced its ex-depot price by ₦15 to ₦1,235 per litre. Mainland cut its price by ₦10 to ₦1,240 per litre, while Hong Petroleum emerged with the lowest quoted price in the area after reducing its rate by ₦2 to ₦1,233 per litre.
In Port Harcourt, Matrix reduced its ex-depot price by ₦3 to ₦1,243 per litre, while Optima implemented a ₦2 reduction to the same level. Rain Oil also mirrored its Warri adjustment, slashing its price by ₦23 to ₦1,245 per litre.
Industry analysts attributed the widespread reductions to stronger supply conditions and increased competition among petroleum marketers, noting that the growing influence of domestic refining has continued to exert downward pressure on depot prices.
They also observed that the narrowing difference between Lagos prices and those in other regional markets suggests that petrol pricing is becoming more competitive nationwide.
Despite the latest reductions, analysts cautioned that motorists may not experience an immediate drop in pump prices, as retail pricing will continue to depend on transportation costs, distribution expenses, operating margins and other logistics considerations.
The downward trend extended beyond petrol, with diesel prices also recording notable declines.
In Lagos, Matrix reduced the ex-depot price of Automotive Gas Oil by ₦55 to ₦1,645 per litre, while Aiteo lowered its rate by ₦15 to ₦1,630 per litre.
Warri also witnessed significant diesel price adjustments, with Matrix cutting its price by ₦70 to ₦1,650 per litre and A.Y.M Shafa reducing its rate by ₦40 to the same level.
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