Petrol depot prices fell across major supply hubs on Tuesday as marketers introduced fresh price reductions, underscoring intensifying competition in Nigeria's downstream petroleum sector. A review of the mid-day depot pricing report showed that operators in Lagos, Warri, Calabar and Port Harcourt either lowered their ex-depot prices or retained existing rates, with no depot increasing the cost of petrol during the period.
In Lagos, Dangote Petroleum Refinery maintained its ex-depot price at N1,216 per litre, the lowest among the major suppliers. Pinnacle matched the refinery's price after trimming N2 from its previous rate. MRS also reduced its price by N2 to N1,222 per litre, while Emadeb implemented a steeper N7 cut, bringing its price to N1,218 per litre. Other marketers, including Aiteo, Nipco, Ascon, Shema and T-Time, left their prices unchanged, with rates ranging between N1,218 and N1,220 per litre.
The latest price adjustments come amid heightened competition driven by increased domestic supply from the Dangote Refinery, alongside sustained imports by fuel marketers and independent operators.
A similar trend was observed in Warri, where several depots reduced their prices. Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund all adjusted their rates to around N1,245 per litre. Rain Oil recorded one of the sharpest reductions, slashing N23 from its price to N1,245 per litre, while Matrix cut N10 to reach the same level. TSL also reduced its price by N6, settling at N1,244 per litre.
In Calabar, Northwest lowered its depot price by N15 to N1,235 per litre, while Mainland reduced its rate by N10 to N1,240 per litre. Hong Petroleum also trimmed N2 from its price, offering the lowest rate in the area at N1,233 per litre.
Port Harcourt recorded comparable movements, with Matrix reducing its petrol price by N3 to N1,243 per litre and Optima cutting N2 to the same level. Rain Oil also lowered its price by N23, bringing its ex-depot rate to N1,245 per litre.
Industry analysts said the broad-based reductions point to improved product availability and growing competition among marketers seeking to attract bulk buyers. According to them, the narrowing gap between Lagos, where petrol sells for N1,216 per litre, and other key supply centres at about N1,245 per litre suggests that depot prices are gradually converging across the country. They, however, noted that the extent to which consumers benefit at filling stations will depend on transportation costs, retailers' margins and other operational expenses.
Diesel prices also recorded declines across several locations. In Lagos, Matrix reduced the price of Automotive Gas Oil (AGO) by N55 to N1,645 per litre, while Aiteo cut N15 to N1,630 per litre. In Warri, Matrix lowered diesel by N70 to N1,650 per litre, with A.Y.M Shafa matching the price after reducing its own rate by N40. The latest pricing trend further reflects the growing influence of competition and improved product supply in shaping Nigeria's downstream petroleum market.