Eight Depots Sell Petrol Below Dangote's Price as Aiteo Leads at N1,074 per Litre
By Aboki Forex —
Depot owners have cut petrol prices below Dangote Refinery's rate, with Aiteo selling at N1,074 per litre and seven others at N1,075. Eight depots now offer petrol cheaper than Dangote's N1,076 ex-depot price, intensifying competition in the deregulated market.
Price War Deepens in Downstream Sector
Nigeria's downstream petroleum market has entered another round of intense price competition as depot owners cut the ex-depot prices of Premium Motor Spirit (PMS). Several marketers now sell below Dangote Petroleum Refinery's latest price. The fresh reductions came after Dangote Refinery lowered its ex-depot price to N1,076 per litre, prompting rival depot owners to adjust their rates to remain competitive.
Market data obtained on Tuesday showed that Aiteo is offering petrol at N1,074 per litre, the lowest among major depots. Meanwhile, African Terminal, AIPEC, Ascon, Heyden, Mao, Pinnacle, and Sahara are selling at N1,075 per litre, making them N1 cheaper than Dangote's price.
Who Is Matching and Who Is Above
Other marketers including Ardova, MRS, NIPCO, and Techno Oil are matching Dangote's N1,076 per litre price. The latest adjustments signal an escalating price war in Nigeria's deregulated downstream sector as suppliers compete to attract independent marketers.
Industry analysts say the lower depot prices could translate into another round of reductions at filling stations if marketers pass on the savings to motorists. The latest market data shows that eight depots are now selling petrol below Dangote Refinery's N1,076 per litre ex-depot price, while four depots are matching the refinery's rate, underscoring the growing competition among fuel suppliers.
What This Means for the Naira and Consumers
The price cuts at the depot level could ease cost pressures on independent marketers and reduce pump prices nationwide. This is good news for Nigerian consumers already grappling with high living costs. Cheaper petrol may also help ease pressure on the naira by lowering demand for foreign exchange used in fuel imports, as domestic refining and local depot competition grow.