- Depot Operators Slash Petrol Prices Amid Growing Market Competition.
- Crude oil at $65/barrel prompts expectations of further cuts.
- Dangote Refinery maintains pricing to ease consumer burden.
Six major petroleum depot operators in Nigeria have reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, as competition intensifies in the downstream oil sector.
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EKO HOT BLOG reports that the operators—Emadeb, First Royal, MENJ, Aiteo, Pinnacle, and Hyde—adjusted their prices downward on Wednesday in a bid to stay competitive amid fluctuating global crude prices and increasing domestic supply.
Revised depot prices are as follows:
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Emadeb: ₦827/litre (previously ₦903)
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First Royal: ₦826/litre (previously ₦828)
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MENJ: ₦826/litre (previously ₦827)
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Aiteo: ₦825/litre (previously ₦826)
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Pinnacle: ₦850/litre (previously ₦856)
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Hyde: ₦868/litre (previously ₦869)
Industry platform Petroleumprice.ng indicated that the trend may continue in the coming weeks as international crude oil prices remain relatively low at about $65 per barrel—one of the key factors influencing domestic PMS pricing.
An industry insider suggested that the Dangote Petroleum Refinery may soon lower its gantry price as well, noting that the current ₦825/litre benchmark is now on par with several depot rates. “With the downward trend, there’s an expectation that Dangote may adjust prices again to remain in line with market conditions,” the source said.
Dr. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), explained that the price cuts are a strategic response by fuel importers trying to remain competitive.
“Importers who brought in large volumes from the international market must lower prices to attract buyers locally. It’s a natural response to market forces,” he said. “However, excessive competition could harm the sector. What we need is a balanced, healthy competition that benefits both consumers and stakeholders.”
In response, Dangote Refinery reaffirmed its commitment to stabilising fuel prices. A statement by the Group Chief Branding and Communications Officer, Anthony Chiejina, noted that the refinery’s pricing strategy is aimed at supporting Nigeria’s economy and reducing the financial strain on consumers.
