Nigeria’s downstream petroleum market witnessed another round of price reductions on Monday, with the Dangote Petroleum Refinery and several major fuel marketers lowering depot prices for Premium Motor Spirit (PMS), popularly known as petrol, and diesel.
This development comes at the backdrop of pressures from the Federal Government (FG) as well as growing competition and improving product availability.
Earlier yesterday before the price adjustments, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, told a stakeholders’ meeting that the current retail price of petrol does not reflect the sharp decline in price of crude oil.
The meeting, convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), was attended by representatives of the Dangote Refinery, Major Energy Marketers Association of Nigeria (MEMAN), IPMAN, Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Nigerian Association of Road Transport Owners (NARTO), and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).
The latest mid-day depot price report showed that Dangote Refinery reduced it’s ex-depot petrol price in Lagos by N3 per litre, from N1,079 to N1,076 per litre, while maintaining its diesel price at N1,500 per litre.
The reduction comes as several marketers also adjusted their prices downward in an apparent bid to remain competitive in an increasingly price-sensitive market.
Among the major Lagos depots, NIPCO cut its petrol price by N2 to N1,076 per litre, while Pinnacle lowered its price by N3 to N1,075 per litre. Sahara, AIPEC, and African Terminal each reduced prices by N4, bringing their petrol prices to N1,075 per litre.
Aiteo maintained its petrol price at N1,075 per litre.
Diesel prices also softened across several depots. Rain Oil reduced it’s AGO price by N15 to N1,430 per litre, while Ibeto, Duport, and Ibachem all cut prices to N1,430 per litre. Dangote Refinery, however, retained its diesel price at N1,500 per litre.
In Port Harcourt, marketers recorded even steeper reductions. Matrix slashed its petrol price by N8 to N1,087 per litre and cut diesel by N55 to N1,465 per litre, representing the biggest diesel price reduction recorded during the trading session.
Sigmund also reduced its petrol price by N12 to N1,082 per litre, although it raised its diesel price slightly by N2 to N1,463 per litre.
The downward trend extended to other regions. In Calabar, Fynfield reduced its petrol price by N7 to N1,090 per litre, while Soroman lowered its price by N5 to the same level.
In Warri, Matrix and Prudent both reduced petrol prices by N5 to N1,085 per litre. On the diesel side, Prudent cut its price by N25 to N1,475 per litre, while A.Y.M. Shafa lowered its diesel price by N3 to N1,455 per litre
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