Nigeria’s downstream petroleum sector is witnessing another phase of aggressive price competition as depot operators slash the ex-depot prices of Premium Motor Spirit (PMS).
Some marketers have began offering petrol at rates lower than the current price set by Dangote Petroleum Refinery.
The latest round of price cuts followed Dangote Refinery’s decision to reduce its ex-depot price to N1,076 per litre, a move that prompted competing depot owners to revise their prices downward in a bid to maintain their share of the market.
At the same time, the federal government has urged Dangote Petroleum Refinery, fuel marketers, and other participants in the downstream industry to further reduce petrol prices, stressing that consumers should enjoy the benefits whenever international crude oil prices decline.
Market data obtained on Tuesday, July 7, revealed that Aiteo is currently selling petrol at N1,074 per litre, making it the cheapest among the leading depots.
African Terminal, AIPEC, Ascon, Heyden, Mao, Pinnacle, and Sahara are each offering PMS at N1,075 per litre, placing them N1 below Dangote Refinery’s Monday ex-depot price.
According to Petroleumprice.ng, Ardova, MRS, NIPCO, and Techno Oil have aligned their prices with Dangote Refinery, maintaining an ex-depot rate of N1,076 per litre.
The recent pricing adjustments reflect an increasingly fierce battle for market share within Nigeria’s deregulated downstream petroleum industry, with suppliers competing aggressively to attract independent fuel marketers.
Industry observers believe the lower ex-depot prices could eventually lead to another reduction in pump prices across filling stations if marketers transfer the cost savings to consumers.
Depot Prices Compared with Dangote current price
• Aiteo: N1,074, N2 cheaper
• African Terminal: N1,075, N1 cheaper
• AIPEC: N1,075, N1 cheaper
• Ascon: N1,075, N1 cheaper
• Heyden: N1,075, N1 cheaper
• Mao: N1,075, N1 cheaper
• Pinnacle: N1,075, N1 cheaper
• Sahara: N1,075, N1 cheaper
• Ardova: N1,076, Same price
• Dangote Refinery: N1,076 Same price
• MRS: N1,076, Same price
• NIPCO: N1,076, Same price
• Techno Oil: N1,076, Same price
• Sigmund: N1,082, N6 higher
• A.Y.M Shafa: N1,085, N9 higher
• Matrix: N1,085, N9 higher
• Nepal: N1,085, N9 higher
• Optima: N1,085, N9 higher
• Prudent: N1,085, N9 higher
• Soroman: N1,088, N12 higher
• Parker: N1,090, N14 higher
• Rain Oil: N1,090, N14 higher
