Petrol Prices Fall Below Dangote Refinery's N1,325 Rate in Calabar, Port Harcourt

Petrol prices in Calabar and Port Harcourt have dropped below Dangote Petroleum Refinery's ex-gantry price of N1,325 per litre, as depot operators cut rates to compete for buyers amid strong product availability.

Market data showed depots in Calabar selling between N1,303 and N1,310 per litre on Monday, October 5, while Port Harcourt depots quoted between N1,305 and N1,308 per litre. The lowest price of N1,303 per litre was recorded at Matrix and Soroman depots in Calabar, putting them N22 per litre below Dangote's current rate.

Port Harcourt depots cut rates

Several depot operators in Port Harcourt initially quoted N1,308 per litre, down from a previous rate of N1,332, before reviewing prices again. Masters, Sigmund, TSL and Stockgap were all quoted at N1,305 per litre after the reviews. That places each of them below Dangote's ex-gantry price.

Calabar market follows

In Calabar, Northwest sold at N1,310 per litre. Matrix and Soroman were initially quoted at N1,308 per litre before cutting to N1,303. Mainland was quoted at N1,304 per litre.

Full snapshot for Monday, October 5. Calabar depots: Matrix N1,303, Soroman N1,303, Mainland N1,304, Northwest N1,310. Port Harcourt depots: Masters N1,305, Sigmund N1,305, TSL N1,305, Stockgap N1,305. Dangote Refinery ex-gantry price: N1,325 per litre.

Why prices are falling

An industry source linked the movement to strong product availability and increased competition among depot operators along the Calabar-Port Harcourt corridor. Several depots currently hold substantial volumes of petrol for sale while demand has remained relatively limited. That has pushed operators to review prices downwards as they compete more aggressively for customers.

The development highlights the growing influence of regional supply conditions and competition on petrol prices in Nigeria's downstream petroleum market. Earlier, MRS and Ardova filling stations in Lagos reduced their pump prices to N1,355 per litre, a cut from the N1,370 per litre and above they previously charged.

What it means for buyers

The N22 gap between Dangote's ex-gantry rate and the cheapest Calabar depot shows operators are willing to sacrifice margin to clear stock. If the lower depot prices hold, marketers along the corridor have room to trim pump prices, though retail rates also carry transport and other costs.