Marketers Slash Petrol, Diesel Prices Across Major Depots

Petrol depot prices declined across major supply centres on Tuesday as marketers introduced fresh cuts of up to N23 per litre amid growing competition in Nigeria’s downstream petroleum market. A review of the midday depot price report showed reductions or unchanged rates across Lagos, Warri, Calabar and Port Harcourt, with none of the major suppliers raising its price.

In Lagos, Dangote Petroleum Refinery retained its ex-depot price at N1,216 per litre, the lowest among the major suppliers. Pinnacle reduced its rate by N2 to match Dangote’s price, while MRS lowered its price by N2 to N1,222 per litre. Emadeb implemented a larger N7 reduction, bringing its price to N1,218 per litre. Aiteo, Nipco, Ascon, Shema and T-Time maintained rates ranging from N1,218 to N1,220 per litre.

The adjustments reflect intensifying competition following increased domestic supply from Dangote Refinery and the continued presence of importers and independent marketers seeking to attract bulk buyers.

Marketers in Warri also reduced prices, with Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund offering petrol at about N1,245 per litre. Rain Oil recorded one of the sharpest cuts, lowering its rate by N23 to N1,245 per litre, while Matrix reduced its price by N10 to the same level. TSL cut its price by N6 to N1,244 per litre.

In Calabar, Northwest reduced its depot price by N15 to N1,235 per litre, while Mainland cut its rate by N10 to N1,240 per litre. Hong Petroleum posted the lowest rate in the area after reducing its price by N2 to N1,233 per litre.

A similar movement was recorded in Port Harcourt, where Matrix and Optima reduced their prices to N1,243 per litre. Rain Oil also implemented a N23 cut, bringing its rate to N1,245 per litre.

The latest reductions narrowed the price difference between Lagos, where petrol was available at N1,216 per litre, and other major markets quoting between N1,233 and N1,245 per litre. However, lower depot prices may not immediately translate into equivalent reductions at filling stations. Retail prices will continue to reflect transportation costs, financing charges, dealer margins and other operating expenses.

Diesel prices also declined at several depots. In Lagos, Matrix reduced its price by N55 to N1,645 per litre, while Aiteo cut its rate by N15 to N1,630 per litre. In Warri, Matrix lowered diesel by N70 to N1,650 per litre, while A.Y.M Shafa reduced its price by N40 to the same level.

What to Know:

Nigeria’s depot-price competition intensified after the full deregulation of the downstream market ended fixed petrol pricing and allowed refiners, importers and marketers to set rates according to supply and cost conditions. Dangote Refinery’s entry subsequently challenged the long-standing dependence on imported fuel, triggering repeated price adjustments, supply disputes and competition for market share among major depot operators. Despite occasional reductions, the removal of petrol subsidy and the naira’s depreciation have kept pump prices far above their pre-2023 levels, strengthening the case for Nigeria to accelerate CNG conversion, expand daughter stations and develop reliable electric-vehicle charging infrastructure as more stable and affordable alternatives to petrol and diesel.