Petrol Depot Prices Drop To ₦880.5 Per Litre

Depot Price Adjustments

Major private depot operators — including Matrix, A.Y.M. Shafa, and Sigmund Zamson, operating primarily from Warri, Delta State, and Calabar, Cross River State — cut their ex-depot prices by ₦1 to ₦889 per litre, from ₦890 previously.

Similarly, the Dangote Refinery lowered its gantry price to ₦872 per litre, a ₦1 reduction from ₦873, while Pinnacle Oil and Gas maintained its price at ₦872 per litre.

Industry analysts attribute these reductions to growing price competition among marketers, a trend spurred by the ongoing deregulation of the downstream oil sector.

Price Pressure and Market Dynamics

Despite the slight easing at depots, retail pump prices in Lagos — including stations operated by MRS, Ardova, and NNPC Limited — remained largely unchanged, averaging ₦920–₦922 per litre.
This indicates that the latest round of depot price cuts has not yet filtered down to consumers.

According to Vanguard, the slow adjustment at the retail end is partly due to persistent foreign exchange constraints, with the naira trading at ₦1,443.77 per dollar on the parallel market as of Tuesday.

MEMAN Report: Margins and Market Indicators

The Major Energies Marketers Association of Nigeria (MEMAN), in its latest Energy Bulletin, reported the average landing cost of petrol at ₦829.77 per litre — a 5.69% decline compared to the Dangote Refinery’s earlier gantry rate of ₦877 per litre.

The report also highlighted that:

Spot PMS prices were ₦815.38 (ASPM) and ₦815.40 (NPSC-NOJ) per litre.
Diesel (AGO) averaged ₦974.50 per litre.
Aviation Turbine Kerosene (ATK) stood at ₦962.53 per litre.

The fluctuations were linked to global oil market trends, with Brent crude currently trading around $67.02 per barrel.

Deregulation Driving Market Competition

Commenting on the development, Mazi Colman Obasi, National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), said the adjustments reflect healthy competition in a deregulated market.

“The downstream sector has been deregulated, and competition should be expected,” Obasi said.
“It is a positive sign that market forces are now influencing prices, giving consumers more options and transparency in the domestic market.”

Outlook

Analysts expect the depot price moderation to continue in the near term, especially if the naira stabilizes and international oil prices remain subdued. However, consumers may not see an immediate impact at the pump until logistics, forex, and distribution costs adjust accordingly.

Key Takeaway:
Nigeria’s newly deregulated petroleum market is beginning to exhibit competitive pricing dynamics, though consumers are yet to feel significant relief at filling stations due to exchange rate volatility and structural inefficiencies in fuel distribution.