Dangote Refinery holds steady at ₦1,176 amid intensifying competition in Nigeria’s downstream oil sector
Nigeria Petrol prices fell across multiple terminals in Lagos on Tuesday as petroleum marketers adjusted their ex-depot rates amid shifting supply dynamics and intensifying competition in Nigeria’s downstream oil market.
Major depots recorded reductions ranging from ₦1 to ₦18 per litre, with Rain Oil leading the downward trend with a significant ₦18 cut from ₦1,180 to ₦1,162 per litre. Other terminals followed suit, with A.A Rano, AIPEC, and Bono all lowering prices to between ₦1,160 and ₦1,161 per litre.
The price adjustments come as increased domestic refining capacity, particularly from the Dangote Refinery, continues to reshape market dynamics. However, Dangote held its Lagos price relatively stable, inching up just ₦1 from ₦1,175 to ₦1,176 per litre.
“With more domestic supply entering the market, especially from major refining facilities, marketers are expected to continue reviewing depot prices in response to changing supply conditions,” said Olatide Jeremiah, Chief Executive Officer of Petroleumprice.com.
The diesel market saw even steeper reductions, particularly in Port Harcourt, where Matrix and Sigmund slashed prices by ₦68 to ₦70 per litre dropping from ₦1,630 to ₦1,560.
Regional variations persist, however. While Lagos enjoyed broad-based declines, some terminals in Port Harcourt recorded petrol price increases, with Africanterminal and Duport rising to ₦1,505 per litre. Calabar also saw slight upward movements, with Mainland depot increasing to ₦1,190 per litre.
Industry analysts note that the full impact on consumers will depend on how quickly depot-level reductions translate to retail pump prices, factoring in transportation costs, operating expenses, and marketer margins.
