Petrol Drops Below Dangote's N1,350 Benchmark in Calabar, Warri and Port Harcourt
By Aboki Forex —
Wholesale petrol prices have fallen below Dangote Petroleum Refinery's N1,350 per litre gantry price in Calabar, Warri and Port Harcourt, as rising supply forces depot owners to cut offers and fight for buyers.
A market survey released by Petroleumprice.ng on Friday showed depots in the three coastal cities selling Premium Motor Spirit at between N1,330 and N1,335 per litre, undercutting the refinery benchmark and, unusually, undercutting Lagos.
Calabar Leads the Decline
In Calabar, Alkanes, Sobaz, Fynefield and Northwest depots were selling petrol at N1,330 per litre. That is N20 below Dangote's gantry rate and the lowest offer among the coastal markets covered by the report.
Warri followed closely. Nepal, Matrix and Optima each quoted N1,335 per litre, putting their offers N15 below the refinery benchmark.
In Port Harcourt, Masters and Stockgap depots sold at N1,333 and N1,332 per litre respectively. Those rates sit between N17 and N18 below Dangote's N1,350 price.
Lagos Stays Pricier
Lagos wholesale prices remained higher despite the city's position as Nigeria's biggest distribution centre. African Terminal, Ascon and Integrated were selling at N1,351 per litre, while MRS Tincan quoted N1,352.
Against that Lagos range, Calabar's N1,330 offer is N21 to N22 cheaper. Warri is N16 to N17 cheaper, while Port Harcourt prices are about N18 to N20 lower.
The gap is unusual because Lagos sits closest to the Dangote refinery and hosts several major import terminals. But the survey found deeper stock positions outside Lagos. Calabar had seven depots holding petrol, Warri had five and Port Harcourt had six.
Why Prices Are Falling
Increased volumes from the Dangote refinery have shifted competitive pressure to the coastal hubs. Depot owners holding stock are cutting offers to attract wholesale buyers and move product faster, according to data from PetroleumPriceNG.
Restrictions affecting some Lagos traders over import licence permits are adding to the pressure. Market sources said some affected traders had already imported petroleum products and were now seeking to sell or blend the volumes.
The current structure stands at Dangote refinery N1,350, Calabar N1,330, Warri N1,335, Port Harcourt N1,332 to N1,333, and Lagos N1,351 to N1,352 per litre.
The relief is not nationwide. Petrol prices have climbed sharply across parts of Northern Nigeria, with motorists in some communities paying as much as N1,850 per litre. The steepest price cited was Mubi in Adamawa State at N1,850 per litre, while several other northern markets moved into the N1,500 to N1,700 range.
What It Means
Cheaper depot offers in the South-South and South-East could feed into lower pump prices in those markets if the volumes keep flowing. For haulage and transport operators, the spread between Lagos and the coastal cities now matters, since moving product from Lagos at N1,351 and above no longer looks like the cheapest route.