Oil marketers across Nigeria have reduced petrol prices at major depots after Dangote Petroleum Refinery announced a fresh N50 per litre cut in the ex-depot price of Premium Motor Spirit (PMS).
The latest round of price adjustments follows Dangote Refinery’s decision to lower its gantry price from N1,125 per litre to N1,075 per litre. This represents the refinery’s fourth reduction in the price of petrol within the space of one month.
According to the company, the repeated price cuts are driven by declining production costs and its determination to ensure Nigerians enjoy the benefits of improved market conditions while safeguarding the long-term viability of local refining operations.
Lagos depots implement significant price cuts
Figures obtained on Friday, July 3 indicated that petroleum marketers operating in Lagos quickly adjusted their depot prices downward in a bid to remain competitive with Dangote Refinery.
NIPCO reduced the price of PMS by N40 per litre, bringing it down from N1,118 to N1,078. Pinnacle also announced one of the steepest reductions, slashing its price by N43 per litre from N1,121 to N1,078.
Aiteo recorded the lowest price among the major Lagos depots after cutting N39 from its previous rate to sell at N1,076 per litre. Integrated also revised its price downward by N38, reducing it from N1,117 to N1,079, according to Petroleumprice.ng.
Although Dangote lowered its ex-depot price to N1,075 per litre, its quoted depot price was listed at N1,079, representing an increase of N4 compared to the earlier quoted depot price.
Below is a summary of the price movements recorded on Friday, July 3:
Lagos Depots
African Terminal: from N1,115 to N1,079 (down N36)
AIPEC: N1,079
Aiteo: from N1,115 to N1,076 (down N39)
Bono: from N1,115 to N1,079 (down N36)
Dangote: from N1,075 to N1,079 (up N4)
Heyden: N1,078
Integrated: from N1,117 to N1,079 (down N38)
Menj: No price available
NIPCO: from N1,118 to N1,078 (down N40)
Pinnacle: from N1,121 to N1,078 (down N43)
Rain Oil: No price available
Sahara: from N1,115 to N1,079 (down N36)
Calabar depots
Strategic: from N1,121 to N1,094 (down N27)
Liquid Bulk: from N1,121 to N1,094 (down N27)
Masters: from N1,121 to N1,091 (down N30)
Matrix: from N1,127 to N1,095 (down N32)
Sigmund: from N1,121 to N1,094 (down N27)
Warri depots
A.Y.M Shafa: from N1,128 to N1,090 (down N38)
Matrix: from N1,125 to N1,090 (down N35)
Nepal: from N1,122 to N1,090 (down N32)
Optima: from N1,121 to N1,090 (down N31)
