Dealers effect petrol, diesel depot price cuts
Prices for Fuel Decline Amid Falling Crude Oil Costs
By Udeme Akpan, Energy Editor
Competition among petroleum marketers and depot operators intensified Tuesday as prices for Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), or diesel, saw reductions across major depots in Lagos, Port Harcourt, Warri, and Calabar.
This shift follows a significant decline in crude oil prices, with international benchmark Brent crude falling below the critical $80 per barrel threshold. Market data revealed that Brent crude dropped by $4.68, or 5.59%, to $79.09 per barrel, while West Texas Intermediate (WTI) decreased by $4.79, or 5.96%, to $75.55 per barrel. The OPEC Basket experienced the largest decline among the major benchmarks, plunging 10.04% to $79.50 per barrel after losing $8.87. The Indian Basket also fell, down 5.78% to $88.12 per barrel.
In Nigeria’s refined product market, the latest Mid-Day Price Report indicated that leading suppliers, including Dangote Petroleum Refinery, maintained their petrol prices, while several independent depot operators lowered the prices of both petrol and diesel. This trend may contribute to ongoing reductions in pump prices if it continues.
In Lagos, Dangote Petroleum Refinery kept its ex-depot petrol price at N1,215 per litre, ensuring its position as one of the most competitive suppliers. Pinnacle and Nipco also held steady with prices at N1,215 and N1,216 per litre, respectively. Ardova adjusted its price slightly, reducing it by N1 to N1,216 per litre. Conversely, African Terminal and Integrated Depot increased their prices marginally by N1 each to N1,217 per litre, while MRS retained its price at N1,218 per litre.
The pricing band in Lagos, ranging from N1,215 to N1,218 per litre among major depots, illustrates increased competition for customer patronage. In the diesel market, prices remained largely stable; however, Emadeb reduced its AGO price by N10 to N1,620 per litre from N1,630, providing modest relief to industrial consumers and transport operators. Dangote raised its diesel price slightly by N1 to N1,651 per litre, with most other depots maintaining prices between N1,620 and N1,625 per litre.
In Port Harcourt, Matrix lowered petrol prices by N2 to N1,220 per litre, while Liquid Bulk kept prices flat at N1,220 per litre. On the diesel side, Bulk Strategic cut its AGO price by N10 to N1,665, while Matrix reduced its price by N5 to N1,670.
Warri experienced more pronounced reductions during the trading session. Matrix reduced its PMS price by N7 to N1,221 per litre, and A.Y.M. Shafa lowered its price by N4 to N1,223. Optima and Rain Oil also cut petrol prices by N2 each to N1,225 per litre. Diesel prices in Warri declined as well, with Matrix and A.Y.M. Shafa reducing prices by N10 each to N1,670 and N1,665, respectively. Nipco posted the largest diesel adjustment in Warri, cutting its AGO price by N15 to N1,650 per litre, while Rain Oil and Zamson maintained their prices at N1,650 per litre.
Further checks by Vanguard indicated that MRS, which sources supplies directly from Dangote Petroleum Refinery, reduced its fuel price to N1,245 per litre from N1,280. Other marketers also adjusted their petrol prices downward from over N1,280 per litre to between N1,245 and N1,250 in Lagos and surrounding areas.
