Private depots in Nigeria have adjusted their petrol prices, with Dangote Refinery and Pinnacle emerging as the cheapest suppliers at N1,166 per litre, down from the previous N1,215. The latest depot price list shows that Premium Motor Spirit (PMS) prices range from N1,166 to N1,182 per litre across various locations.
Current Depot Prices Across Nigeria
According to the latest data, Dangote Refinery and Pinnacle are offering petrol at N1,166 per litre. MRS follows with a depot price of N1,172 per litre, while several other depots including A.A Rano, AIPEC, Aiteo, Ardova, NIPCO, A.Y.M Shafa, Matrix, and Optima are listed at N1,175 per litre.
Nepal's PMS price stands at N1,177 per litre, while Soroman is at N1,178 per litre. Other depots such as African Terminal, Integrated, and Wosbab recorded N1,179 per litre, with NIPCO and Mainland at N1,180 per litre. Liquid Bulk and Matrix recorded the highest PMS price on the list at N1,182 per litre.
Implications for Petrol Marketers and Consumers
Depot prices are a crucial component of the cost structure for petrol marketers, although changes at the depot level do not necessarily translate immediately into similar movements at filling stations. Retail prices can also be affected by transportation costs, logistics, operating expenses, location, and marketers' margins.
The gap between the cheapest and most expensive PMS prices on the latest list is N16 per litre, giving marketers sourcing from lower-priced depots some room to review their pump prices. This could potentially lead to lower prices at the pump for consumers, especially in areas where marketers source from Dangote or Pinnacle.
Dangote's Free Delivery Initiative
In a related development, the Dangote Petroleum Refinery has begun delivering petrol directly to fuel marketers in six states at no delivery cost, as part of a broader strategy to strengthen fuel distribution across Nigeria. The first phase of the programme covers Lagos, Ogun, Rivers, Kaduna, Delta, and the Federal Capital Territory, Abuja. The refinery has indicated that further states will be brought into the scheme as rollout progresses.
This initiative is expected to reduce logistics costs for marketers, potentially leading to more competitive pricing in the downstream sector. As marketers continue to monitor depot prices and supply conditions, the Nigerian downstream petroleum market remains dynamic, with these latest adjustments likely to influence pump prices in the coming days.
