Petrol prices across private depots have declined in response to Dangote Refinery’s pricing strategy, intensifying competition in Nigeria’s downstream oil market.
Data shows that depots are now selling petrol at prices ranging from about N1,210 to N1,240 per litre on Thursday, April 8, down from a previous average price of N1,260, following recent market adjustments.
Petroluemprice.ng reports that Soroman and Sobaz both adjusted their prices to N1,230 per litre, dropping by N10 and N5 respectively.
Rainoil Lagos reduced its price by N20 to N1,220 per litre, while A.A. Rano cut its rate to N1,213 per litre. Aiteo also trimmed its price slightly to N1,210 per litre, reflecting a marginal downward movement.
The most significant drop was recorded by A.Y.M. Shafa, which reduced its price by N85 to N1,240 per litre.
Dangote Refinery’s price is at N1,200 per litre, continuing to serve as a key benchmark in the market.
Matrix Warri, however, maintained its price at N1,240 per litre.
Industry players say depots are increasingly adjusting their prices to remain competitive as Dangote strengthens its position in the supply chain. Nigerians will be hoping that the pricing decision will be beneficial to them.
Dangote slashes diesel price
Dangote Refinery has also made an adjustment to its ex-depot price of Automotive Gas Oil (diesel) to N1,750 per litre. The new rate is a N200 or 10.25% reduction from the previous price of N1,950.
There are concerns that the price cut might change again, as reports have it that Iran reportedly shut the Strait of Hormuz less than 24 hours after agreeing to a ceasefire with the United States, citing Israel’s continued strikes on Lebanon.
As of 08.40 am on Thursday, April 9, Brent crude was trading at $97.20 per barrel, up 2.59%, while West Texas Intermediate (WTI) stood at $97.37 per barrel, a 3.14% increase.
Crude oil prices had initially dropped after a truce announcement that included reopening the Strait of Hormuz, a key global shipping route.
