The loading cost of Petrol at private depots dropped to N925 per litre on Monday, reflecting a N27 reduction from the highest depot price of N952 recorded last Friday.
This price cut follows Dangote Petroleum Refinery’s decision to lower its ex-depot price of petrol from N950 to N890 per litre, effective Saturday. The move has pressured private depot operators to adjust their prices accordingly.
Depot price changes include:
- Nipco Depot: N935 per litre (down from N952)
- Chipet: N935 per litre (down from N945)
- Aiteo: N925 per litre (down from N942)
- Wosbab Depot: N930 per litre (down from N947)
- Rain Oil Depot: N935 per litre (down from N947)
- Matrix (Warri): N960 per litre (down from N970)
- AYM Shafa (Warri): N960 per litre (down from N970)
- Zone 4 (Calabar): N950 per litre (down from N958)
- Alkanes: N949 per litre
- Northwest: N950 per litre
Despite the depot price reductions, many petroleum marketers who previously purchased petrol at higher rates may face significant financial losses when selling at current market prices.
Oil and gas expert Olatide Jeremiah noted that Dangote Refinery’s growing influence has reshaped the downstream sector, eliminating hoarding and price manipulation. He called for stronger regulatory oversight to ensure price reductions at depots reflect in retail pump prices.
