By peter.
Yesterday, the average petrol price at private depots and Dangote Refinery dropped to N880.5 per litre from N881.5, driven by intensifying competition in Nigeria’s downstream oil sector. Private depots in Warri (Delta State) and Calabar (Cross River State)—including Matrix, A.Y.M Shafa, and Sigmund Zamson—lowered their rates to N889 per litre from N890.
Dangote Petroleum Refinery also cut its gantry price to N872 per litre from N873, while Pinnacle maintained its price at N872 per litre. According to the Major Energies Marketers Association of Nigeria (MEMAN), the landing cost of petrol fell 5.69% to N829.77 per litre last week, compared to Dangote’s previous N877 per litre gantry price. Despite the reductions at depots and refineries, retail pump prices in Lagos remained high, with stations like MRS, Ardova, and NNPC Limited charging between N920 and N922 per litre. The gap between wholesale and retail prices has been linked to persistent foreign exchange volatility, with the U.S. dollar trading at N1,443.77 on the parallel market.
MEMAN’s latest Energy Bulletin, based on a Brent Crude benchmark of $67.02 per barrel, reported: PMS (Petrol): 30-day average at N829.77/litre; Spot (ASPM) at N815.38/litre; Spot (NPSC-NOJ) at N815.40/litre AGO (Diesel): 30-day average at N974.50/litre; Spot at N971.80/litre ATK (Aviation Turbine Kerosene): 30-day average at N962.53/litre; Spot at N983.53/litre Mazi Colman Obasi, National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), told V3edge: “The downstream sector is now fully deregulated, and healthy competition is inevitable. This should ultimately give Nigerian consumers more choices and better pricing options in the local market.”
