More Filling Stations Slash Petrol Prices To Compete With NNPC, Dangote Partners
- Petrol prices at several filling stations have fallen following adjustments at private depots competing with the Dangote refinery
- To attract customers, several depots are selling petrol to marketers at a lower rate than what is offered by the Dangote refinery
- This competition has led to a reduction in petrol prices by filling station owners, who are also competing with NNPC at the retail end
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The price of petrol has dropped at the retail end of the Nigerian fuel market amid competition between the Dangote refinery and private depot owners and falling crude oil prices.
As of Thursday, August 21, more filling stations in Lagos were dispensing petrol at N865 per litre.
Some filling stations are selling at even lower rates, down from the previous average of N880 to N890.
Source: Getty Images
In Abuja, petrol prices have dropped below N900 per litre at major filling stations..
Petrol prices drop in Lagos
Petrol prices at filling stations such as Ardova, MRS, Petrocam, Hyde, Heyden, TotalEnergies, and the Nigerian National Petroleum Company Limited (NNPCL) in Lagos have dropped to N865 per litre.
Similarly, AA Rano, Ranoil, Emadab, Empire Energy, Total, Mobil, and NIPCO filling stations in the Federal Capital Territory (FCT), Abuja, and surrounding areas have lowered their fuel prices.
AA Rano, Ranoil, Mobil, and NIPCO have adjusted their pump price to N890 per litre, down from N945, aligning with the rate at NNPCL retail outlets in Abuja.
Others, including Empire Energy, Emadab, and Total filling stations, have reduced their petrol pump prices to between N899 and N910, from the previous N945 and N935, respectively.
Source: Getty Images
Why petrol prices dropped
Fuel prices at several Nigerian private depots dropped further this week, with some operators selling below the Dangote Refinery benchmark.
Latest data from Petroleumprice showed that as of Thursday, depots such as Aiteo, Bovas, Integrated Oil and MRS TinCan were selling at N820 per litre, compared with Dangote’s N821 per litre.
Pinnacle was slightly higher at N821.5, while Sahara matched the market at N821.
Other depots, including Rainoil Lagos (N840), Wosbab (N822) and Matrix Lagos (N822), posted marginal gains, while A.Y.M Shafa recorded the steepest drop of N5 to N832.
Ardova, AA Rano and Rainoil Delta prices are at N820 and N838 per litre, while Sobaz is the highest at N845.
Analysts say the price cuts highlight growing pressure on depot owners to attract marketers, as supply from private depots expands, forcing some to undercut Dangote’s rate to remain competitive.
More adjustments are expected to continue as crude oil prices continue to fall.
Diesel prices crash
Earlier, Legit.ng reported that Dangote Refinery has slashed its diesel prices again, a few days after lowering petrol rates from N850 to N820 per litre.
The current price slash has intensified the price war between the refinery and depot owners.
The giant refinery reduced its depot prices for diesel from N990 per litre to N960 per litre, representing a N30 slash.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
