Business

Petrol Price Drops To N925/litre At Private Depots

The loading cost of Premium Motor Spirit (petrol) at private depots fell to N925 per litre on Monday, marking a N27 reduction from the N952 per litre recorded at the highest-selling depot last Friday.

Marketers attributed the decline to Dangote Petroleum Refinery’s decision to lower its ex-depot price of PMS from N950 to N890 per litre, effective Saturday. However, the drop came at a heavy cost to some marketers who had purchased fuel at higher prices just before the adjustment, forcing them to sell below cost and incur significant losses.

Depot price data showed a widespread decline across various depots, though the reduction has yet to reflect at retail stations. Nipco Depot lowered its price to N935 from N952 per litre, Chipet dropped to N935 from N945, Aiteo reduced its price to N925 from N942, Wosbab adjusted to N930 from N947, and Rain Oil set its new rate at N935 from N947.

In Warri, Matrix and AYM Shafa both reduced their prices from N970 to N960 per litre. In Calabar, Zone 4 Depot lowered its price by N8 to N950, Alkanes priced at N949, and Northwest at N950.

Oil and gas expert Olatide Jeremiah noted that the price drop was expected. “Dangote Refinery’s price cut to N890 has compelled private depots and importers to reduce their fuel prices. His refining and gantry loading capacity has solidified his dominance in the downstream sector. The days of hoarding and price manipulation are over, and competition is driving prices down,” he said.

He further urged regulatory authorities to ensure that filling stations reflect these depot price reductions at the pump without delay.

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