Independent petroleum depot owners have reduced the ex-depot price of Premium Motor Spirit (petrol) to N1,270 per litre, undercutting the gantry price offered by the Dangote Refinery, findings by PLATFORM TIMES have shown.
The downward review marks a drop from the previous range of N1,285 to N1,290 per litre, as operators intensify price competition in the downstream oil sector.
Major depot operators, including AA Rano, Sahara, Soroman, Bovas and Alkanes, were confirmed to have effected the new pricing on Wednesday.
The new ex-depot rate is N5 lower than the N1,275 per litre gantry price currently maintained by the Dangote Refinery, indicating growing pressure on the facility to adjust its pricing template in response to market realities.
Industry checks revealed that the price cut is linked to a decline in global crude oil benchmarks, including Brent and West Texas Intermediate, which slipped below the $100 per barrel mark amid easing geopolitical tensions following a peace proposal by the United States to Iran.
Analysts say the drop in crude prices typically translates into lower landing and production costs, creating room for marketers and refiners to adjust pump prices downward.
Market watchers also noted that sustained competition between depot owners and large-scale refiners could trigger further reductions, potentially offering relief to consumers burdened by high energy costs.
Meanwhile, retail petrol prices in Abuja were observed to range between N1,361 and N1,380 per litre as of Wednesday, reflecting the lag effect between ex-depot adjustments and pump price implementation.
Experts explained that changes in ex-depot and gantry prices usually cascade gradually to filling stations, depending on distribution costs, logistics and existing stock levels.
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