Depot Petrol Prices Drop by N35 as Dangote Refinery Rate Cut Stirs Competition
By Aboki Forex —
Private petroleum depots in Nigeria have slashed petrol prices by as much as N35 per litre, bringing some rates closer to Dangote Refinery's current price. The cuts come one week after Dangote Refinery reduced its petrol price by N50 per litre, intensifying competition in the downstream sector.
Fresh data from PremiumPriceNG shows that several depot operators have adjusted prices downward. Pinnacle Depot now sells petrol at about N1,165 per litre, while AITEO and African Terminal have cut their prices to around N1,168 per litre. Sigmund recorded one of the sharpest reductions, lowering its petrol price by N35 to N1,180 per litre.
New Depot Rates and Dangote's Price
Dangote Refinery currently sells petrol at N1,166 per litre, down from N1,215 previously. That makes Dangote and Pinnacle the lowest-priced suppliers among the listed depots. Liquid Bulk and Matrix have the highest price at N1,182 per litre.
Across the locations listed, PMS prices now range from N1,166 to N1,182 per litre. The new depot rates could influence what independent marketers charge and, eventually, the price motorists pay at filling stations nationwide.
Crude Oil Volatility Looms
The latest Nigerian price cuts are coming despite renewed volatility in the global crude oil market. As of 3:37 a.m. WAT on Monday, Brent crude was trading at $84.37 per barrel, up 0.98%, while West Texas Intermediate stood at $78.76, up 0.74%.
The movements followed fresh uncertainty over the reopening of the Strait of Hormuz, one of the world's most important energy shipping routes. Iran has reportedly attached several conditions to reopening the strategic waterway, complicating expectations of a quick return to normal shipping activity.
Experts linked the depot price reductions to volatility in the global crude oil market, shaped by rising geopolitical tensions. If the cuts are sustained and distributors pass savings down, lower petrol prices could ease transportation costs for commercial motorists and businesses. But the final gain for consumers will depend on logistics costs, marketers' margins, regional supply conditions and other distribution expenses.