Nigeria TV Info 

Petrol Price Falls at Private Depots Below Dangote Refinery’s Rate

Fresh competition has emerged in Nigeria’s downstream oil sector as several private fuel depots have reduced the loading price of Premium Motor Spirit (PMS), popularly known as petrol, below the rate offered by Dangote Refinery.

Industry marketers said the new price adjustments are beginning to reshape fuel supply dynamics across the country, with depot owners seeking to attract independent marketers and bulk buyers through lower pricing strategies. The development comes amid ongoing fluctuations in global crude oil prices and changes in foreign exchange conditions affecting petroleum imports and local refining operations.

According to market sources, some private depots in Lagos and other commercial hubs have lowered ex-depot petrol prices by a few naira per litre below the rate recently offered by Dangote Refinery. Oil marketers noted that the reductions could eventually reflect in retail pump prices if the trend continues and distribution costs remain stable.

Analysts believe the competition signals a major shift in Nigeria’s petroleum market following the full-scale entry of Dangote Refinery into fuel distribution. The refinery, which has been positioned as a game changer for local fuel production, has already influenced price moderation since beginning domestic supply operations.

Petroleum dealers said depot owners are responding to market realities, including consumer demand, supply availability, and the need to maintain customer loyalty. Some marketers also suggested that improved product availability has reduced panic buying and strengthened price competition among suppliers.

Consumers and transport operators have welcomed the decline in depot prices, expressing hope that filling stations nationwide will reduce pump prices in the coming days. However, experts warned that factors such as transportation expenses, exchange rate volatility, and government policies could still affect final retail prices.

Stakeholders in the oil and gas sector say sustained competition among refiners and depot operators may help stabilize Nigeria’s fuel market, improve supply efficiency, and ease pressure on consumers facing high transportation and living costs.