The Dangote Petroleum Refinery has announced another reduction in its ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, offering a slight but significant relief to marketers and consumers. The refinery trimmed its loading price by N1 per litre, bringing the rate down to N1,075 per litre from N1,076. While the adjustment may appear modest, it highlights the growing competition among fuel suppliers in Nigeria’s downstream petroleum sector and reflects efforts to remain attractive in an increasingly competitive market.
The latest move comes at a time when global oil prices are experiencing a sharp upward surge. On Wednesday, Brent crude oil jumped by more than seven per cent to $79.59 per barrel, while West Texas Intermediate (WTI) climbed to $75.22 per barrel. Analysts warn that if crude oil prices continue their upward trend due to geopolitical tensions and tighter global supply expectations, fuel prices in Nigeria could once again come under pressure despite recent reductions at the depot level.
Dangote’s price adjustment was quickly matched by MRS Oil Nigeria, which lowered its petrol depot price by N2 per litre to N1,074, making it one of the most competitive suppliers in the Lagos market. However, other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, retained their existing rates. Across Lagos depots, petrol prices remained largely stable within the N1,074 to N1,075 per litre range, indicating a relatively balanced wholesale market despite global uncertainties.
While petrol prices showed signs of stability, diesel prices painted a different picture. Several Lagos depots implemented significant increases, with African Terminal, Duport, Ibachem, Ibeto and T-Time all raising diesel prices by N40 per litre to N1,450. The increases underscore the persistent cost pressures facing diesel users, including manufacturers, transport operators and businesses that rely heavily on diesel-powered equipment and generators.
Elsewhere in the country, market conditions varied. Port Harcourt recorded some welcome relief as Matrix Depot slashed its diesel price by N50 per litre to N1,500, while Sigmund made a smaller reduction. In Warri, marketers engaged in price competition by slightly lowering petrol prices, though diesel costs rose sharply at some depots. Calabar maintained stable petrol prices, but diesel prices edged higher. The mixed movements across regions highlight the complex dynamics shaping Nigeria’s fuel market, where local competition, supply conditions and international oil price trends continue to influence pricing decisions.
source: vanguard