New petrol prices have emerged at some Nigerian National Petroleum Company Limited (NNPC) retail outlets in Lagos as marketers adjust to lower ex-depot rates across key fuel supply hubs.
Checks over the weekend showed that at Egbeda and Ipaja, most NNPC filling stations are now selling below the official price of N1,320 per litre, with prices ranging between N1,300 and N1,315 per litre.
At Egbeda bus stop, NNPC outlets set their pump price at N1,300 per litre, while in Ipaja, it is sold at N1,315 per litre. These reductions were observed at various stations across the city.
Depots Adjust Petrol Prices
Similarly, at depots across the country, petrol prices dropped within one week of trading, from May 18 to May 22. In Lagos, Bono depot decreased prices from N1,279 to N1,277 per litre, while Integrated, Quest, and African Terminal's prices also fell from N1,279 to N1,277 per litre. Techno Oil and Aiteo saw reductions from N1,278 to N1,277 per litre, according to Petroleumprice.ng reports.
Marketers in Warri, such as Rain Oil, reduced petrol prices from N1,315 to N1,290 per litre, representing a N25 decline. Nepal also cut its PMS price from N1,292 to N1,285 per litre, while Optima reduced its price from N1,290 to N1,285 per litre. Parker lowered its PMS price from N1,292 to N1,290 per litre. Supply improved, and prices decreased at the Warri market at the tail end of the week.
Calabar Market Sees Slight Drop
Petrol prices dropped slightly in Calabar as Sobaz changed prices from N1,298 to N1,290, while Northwest, Fynefield, and Soroman fell from N1,300 to N1,290 per litre respectively. Despite the drop, the PMS prices in Calabar remained the highest in the Nigerian market throughout the review period.
Minimum Prices Across Regions
- AIPEC (Lagos): N1,276
- Sahara (Lagos): N1,276
- Bulk Strategic (Port Harcourt): N1,305
- Nepal (Warri): N1,285
- Optima (Warri): N1,285
- Fynfield (Calabar): N1,290
- Northwest (Calabar): N1,290
- Sobaz (Calabar): N1,290
- Soroman (Calabar): N1,290
Dangote Moves to Stop Fuel Imports
Earlier, Dangote Petroleum Refinery filed a fresh suit before the Federal High Court in Lagos seeking an order to quash recent fuel import licenses granted or renewed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to NNPC and certain independent marketers. The move was based on the argument that these licenses were contrary to a subsisting court order maintaining the status quo and the Petroleum Industry Act (PIA), which prohibits fuel imports during periods of supply sufficiency in the country. Dangote argues that Nigeria now has enough refining capacity not to require comprehensive import approvals.
