Petrol and diesel prices at fuel depots across Nigeria dropped after the Dangote Petroleum Refinery reduced its ex-depot prices, prompting similar cuts from private marketers in four major coastal cities.
The Dangote refinery moved first on August 5, bringing its petrol gantry price down to N1,165 per litre from N1,215, and its diesel price to N1,570 per litre from N1,650
Private depot operators in Lagos, Warri, Port Harcourt and Calabar then revised their own prices downward over the course of the week, Petroluemprice.ng reports
Petrol prices in Lagos
MRS Tincan: N1,172, down from N1,222 — N50 reduction
Pinnacle: N1,165.70, down from N1,215 — N49.30 reduction
Aiteo: N1,168, down from N1,217 — N49 reduction
Nipco: N1,168, down from N1,218 — N50 reduction
Integrated: N1,169, down from N1,218 — N49 reduction
African Terminal: N1,169, down from N1,218 — N49 reduction
Diesel prices in Lagos
African Terminal: N1,550, down by N100
Integrated: N1,550, down by N100
Duport: N1,550, down by N100
Ibachem: N1,550, down by N100
Gulf Treasure: N1,550, down by N100
Ibeto: N1,550, down by N80
T.Time: N1,560, down by N70
Wosbab: N1,555 TMDK: N1,555
Menj: N1,575, down by N45
Other Cities Follow Suit The trend extended beyond Lagos. In Warri, Matrix and A.Y.M Shafa cut petrol prices by N38 and N40 respectively, both landing at N1,187 per litre.
Their diesel prices each fell by N88 to N1,587, while Nipco in Warri brought diesel down to N1,591 from N1,650.
Port Harcourt depots also adjusted. Matrix cut petrol by N28 to N1,197, Sigmund reduced by N45 to N1,180, and Liquid Bulk dropped by N23 to N1,197. On diesel, Matrix fell by N88 to N1,587 and Sigmund cut by N70 to N1,605.
In Calabar, Mainland, Soroman, and Sobaz, petrol prices were reduced to N1,180 per litre, with cuts ranging from N38 to N40. Fynefield reduced its diesel price by N55 to N1,595.
The broad-based nature of the reductions points to a softer pricing environment in the downstream sector, with marketers adjusting their offers as they reassess inventory costs and replacement prices in light of the Dangote refinery’s move.
