Petrol price drops to N880.5/litre at depots

Petrol price drops to N880.5/litre at depots

The average price of petrol supplied by private depots and the Dangote Petroleum Refinery dropped marginally to ₦880.5 per litre on Tuesday, from ₦881.5 per litre, following increased competition in the deregulated downstream oil sector.

Checks revealed that Matrix, A.Y.M Shafa, and Sigmund Zamson — private depots operating mainly in Warri, Delta State, and Calabar, Cross River State — reduced their prices to ₦889 per litre from ₦890. Similarly, the Dangote Refinery lowered its gantry price to ₦872 per litre from ₦873, while Pinnacle maintained its price at ₦872 per litre.

According to data from the Major Energies Marketers Association of Nigeria (MEMAN), the landing cost of petrol currently stands at ₦829.77 per litre, representing a 5.69% decrease compared to the previous ₦877 per litre gantry price at the Dangote refinery.

However, despite the reductions at depots, retail pump prices at major filling stations such as MRS, Ardova, and NNPC Limited remained between ₦920 and ₦922 per litre in Lagos, as the impact of the drop is yet to reach consumers.

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Industry experts attribute the price disparity to persistent challenges in the foreign exchange market, where the U.S. dollar trades at about ₦1,443.77 on the parallel market.

In its latest Energy Bulletin, MEMAN cited a Brent crude oil benchmark of $67.02 per barrel, noting that the 30-day average for Premium Motor Spirit (PMS) stood at ₦829.77, while the spot prices for ASPM and NPSC-NOJ were ₦815.38 and ₦815.40 per litre, respectively.

The report further showed that Automotive Gas Oil (AGO) averaged ₦974.50 per litre, with a spot price of ₦971.80, while Aviation Turbine Kerosene (ATK) recorded an average of ₦962.53 and a spot price of ₦983.53 per litre.

Commenting on the development, the National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, said the current trend reflects the benefits of deregulation.

“The downstream sector has been fully deregulated, and competition is expected. This development should offer consumers more choices and, hopefully, better pricing in the domestic market,” he said.

Petrol price drops to N880.5/litre at depots