Petrol depot prices don begin drop for major supply centres across Nigeria as marketers don cut rates by up to N23 per litre. Dis one na sign say competition for downstream petroleum market don hot up.
For Lagos, Dangote Petroleum Refinery keep im ex-depot price at N1,216 per litre, wey be the lowest among major suppliers. Pinnacle don reduce im price by N2 to N1,216, wey match Dangote rate. MRS also cut im price by N2 to N1,222, while Emadeb reduce by N7 to N1,218. Other suppliers like Aiteo, Nipco, Ascon, Shema and T-Time no change dem price, wey dey between N1,218 and N1,220 per litre.
For Warri, plenty depots don cut price. Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund don set dem price around N1,245 per litre. Rain Oil take the biggest cut wey be N23 down to N1,245, and Matrix reduce by N10 to the same level. TSL also lower im price by N6 to N1,244 per litre.
For Calabar, Northwest reduce im depot price by N15 to N1,235, while Mainland cut by N10 to N1,240. Hong Petroleum reduce by N2 to N1,233, wey be the lowest for that area. For Port Harcourt, Matrix reduce petrol price by N3 to N1,243, Optima cut by N2 to the same level, and Rain Oil cut by N23 to N1,245 per litre.
Industry analysts say dis widespread reduction na because supply condition don better and competition among marketers don increase as dem dey try to attract bulk buyers. The price gap wey dey between Lagos at N1,216 and other markets around N1,245 don begin narrow, wey show say depot pricing dey converge across the country. But wetin go happen for retail pump price go depend on logistics cost, retail margins and other operational expenses.
Diesel price also don drop for some locations. For Lagos, Matrix reduce diesel price by N55 to N1,645 per litre, Aiteo cut by N15 to N1,630, and M Shafa cut by N40 to the same price. Dis movement show say competitive pricing and better product availability dey shape Nigeria downstream petroleum market.
