Petrol depot prices have continued their downward trend across major distribution centres in Nigeria, as loading rates fell further at several depots in Lagos, Port Harcourt and Warri amid stronger competition and improved availability of petroleum products.
The latest reductions, which ranged between N5 and N25 per litre on Monday, July 27, were reported across several depots monitored nationwide.
Depot Owners Cut Loading Prices In Lagos
All six monitored depots in Lagos recorded reductions in their ex-depot prices. Data from Petroleumprice.ng showed that Bulk Strategic lowered its rate from N1,260 to N1,250 per litre, while Liquid Bulk reduced its price from N1,270 to N1,256.
Masters also cut its loading price from N1,275 to N1,260, while Matrix moved down from N1,270 to N1,255 per litre.
Sigmund recorded the steepest single reduction among the Lagos depots, cutting N20 from its previous rate to N1,250 per litre. T.S.L equally reduced its price, moving from N1,265 to N1,250 per litre.
The downward movement was also observed at depots in Port Harcourt. Hong Petroleum reduced its ex-depot price from N1,255 to N1,246 per litre, while Mainland adjusted its rate from N1,255 to N1,250. Northwest, however, had no current loading price published.
Warri recorded some of the most significant reductions among the three locations. Optima posted the largest single price cut, reducing its rate by N25 from N1,270 to N1,245 per litre.
Matrix in Warri followed with a N24 reduction, bringing its price down to N1,246 per litre. Rain Oil also reduced its loading price by N5, settling at N1,268 per litre.
What the Price Cuts Could Mean for Motorists
Industry observers believe the continued decline in depot prices could give petroleum marketers more room to reduce pump prices for consumers, particularly if strong competition is maintained across the market.
The lower cost of procuring petrol could also help reduce the financial pressure on filling station operators, many of whom have continued to operate on narrow margins following the deregulation of the downstream sector.
For households and businesses, a further reduction in retail petrol prices could translate into lower transportation and logistics expenses.
Such a development would provide some relief as individuals and businesses continue to contend with elevated operating costs.
Below is a snapshot of current ex-depot prices:
Snapshot of petrol depot prices on Monday at depots
Lagos
Bulk Strategic – N1,250/litre
Liquid Bulk – N1,256/litre
Masters – N1,260/litre
Matrix – N1,255/litre
Sigmund – N1,250/litre
T.S.L – N1,250/litre
Port Harcourt
• Hong Petroleum – N1,246/litre
• Mainland – N1,250/litre
Warri
• Optima – N1,245/litre
• Matrix – N1,246/litre
• Rain Oil – N1,268/litre
