Petrol depot prices slide in Lagos as Dangote Refinery maintains stability; diesel drops sharply

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By Udeme Akpan

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Depot prices of Premium Motor Spirit (PMS), commonly known as petrol, eased across several terminals in Lagos on Monday as petroleum marketers adjusted prices amid shifting supply dynamics in Nigeria’s downstream oil market.

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The latest market data showed a broad-based decline in Lagos, with most major depots reducing their ex-depot prices by between ₦1 and ₦18 per litre, while diesel prices recorded even steeper reductions in some locations.

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The price movement comes as competition among petroleum product suppliers continues to influence market pricing, particularly with increased domestic refining capacity.

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The Dangote Refinery remained relatively stable, with its Lagos PMS price inching up marginally from ₦1,175 per litre to ₦1,176 per litre, a difference of just ₦1.

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However, several other terminals reduced prices. Rain Oil recorded the biggest cut among Lagos depots, lowering its petrol price by ₦18 from ₦1,180 to ₦1,162 per litre.

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A.A Rano also reduced its price from ₦1,165 to ₦1,161 per litre, while AIPEC and Bono moved down from ₦1,165 to ₦1,160 per litre.

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NIPCO cut its PMS price by ₦4 from ₦1,165 to ₦1,161 per litre, while AITEO adjusted slightly downward from ₦1,161 to ₦1,160 per litre.

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Other terminals including Masters, Matrix, Sigmund and T.S.L also recorded declines, reinforcing the downward trend in the Lagos depot market.

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Masters reduced petrol from ₦1,203 to ₦1,197 per litre, Matrix moved from ₦1,205 to ₦1,197 per litre, while Sigmund and T.S.L adjusted their prices from ₦1,200 to ₦1,195 per litre.

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Despite the general decline in Lagos, some terminals in other regions recorded increases, reflecting regional supply and logistics differences.

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In Port Harcourt, Africanterminal raised its PMS price from ₦1,495 to ₦1,505 per litre, while Duport increased from ₦1,490 to ₦1,505 per litre.

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Gulftreasure and T.Time were quoted at ₦1,505 per litre, while Dangote’s Port Harcourt terminal recorded a slight reduction from ₦1,501 to ₦1,500 per litre.

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The diesel market recorded a more significant shift, particularly in Port Harcourt, where prices fell sharply at some depots.

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Matrix reduced automotive gas oil (AGO) from ₦1,630 to ₦1,560 per litre, representing a ₦70 drop, while Sigmund cut its diesel price by ₦68 from ₦1,628 to ₦1,560 per litre.

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In Lagos, AGO prices also softened at some terminals, with Matrix reducing diesel from ₦1,630 to ₦1,560 per litre, while Sigmund moved from ₦1,628 to ₦1,560 per litre.

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Meanwhile, Calabar recorded a slight upward movement in petrol prices. Mainland depot increased PMS from ₦1,187 to ₦1,190 per litre, while Northwest moved from ₦1,190 to ₦1,195 per litre.

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The Chief Executive officer, Petroleumprice.com, Olatide Jeremiah, said the latest adjustments highlight the increasingly competitive nature of Nigeria’s petroleum products market, where local refining output, depot inventories and transportation costs continue to determine price movements.

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He said: “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.

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“The immediate impact on consumers will depend on how quickly the reductions at depot level translate into retail pump prices, as marketers factor in haulage expenses, operating costs and profit margins.”

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