The average depot price of petrol in Nigeria fell to N880.5 per litre from N881.5 as competition intensifies in the downstream sector.

Key Price Changes:

• Private depots (Matrix, A.Y.M Shafa, Sigmund Zamson) in Warri and Calabar reduced prices from N890 to N889 per litre.
• Dangote Petroleum Refinery reduced its gantry price from N873 to N872 per litre.
• Pinnacle maintained its price at N872 per litre.

Current Market Context:

• Despite depot price reductions, fuel prices at retail stations in Lagos (MRS, Ardova, NNPC) remain between N920 and N922 per litre.
• Price discrepancy is linked to foreign exchange challenges, with the US dollar trading at N1,443.77 on the black market.
• MEMAN reports the landing cost of petrol at N829.77 per litre, a 5.69% decrease from previous Dangote refinery rates.
• Brent crude oil benchmark used: $67.02 per barrel.

Other Fuel Prices (Average 30-Day Reports):

• AGO (diesel): N974.50/litre
• ATK (kerosene): N962.53/litre
• Spot prices for petrol: N815.38–N815.40/litre

Industry Insight:

Mazi Colman Obasi, National President of OGSPAN, noted that deregulation has increased competition, which is expected to offer more options and potentially lower prices for consumers in the domestic market.