Lifestyle & Wellness DeskPetrol Prices Drop at Six Depots Amid Rising Competition in Downstream Sector
In response to intensifying competition in Nigeria’s downstream petroleum sector, six major depot operators have slashed the prices of Premium Motor Spirit (PMS), commonly known as petrol.
The depots — Emadeb, First Royal, MENJ, Aiteo, Pinnacle, and Hyde — made the adjustments on Tuesday, with reductions ranging between ₦1 and ₦76 per litre.
- Emadeb cut its price from ₦903 to ₦827 per litre
- First Royal reduced its price from ₦828 to ₦826 per litre
- MENJ dropped its price to ₦826 from ₦827
- Aiteo adjusted from ₦826 to ₦825
- Pinnacle brought its rate down from ₦856 to ₦850
- Hyde trimmed its price slightly from ₦869 to ₦868
According to data from Petroleumprice.ng, the trend of declining depot prices is expected to continue in the coming weeks, as global crude oil prices — a key cost determinant — remain relatively low, hovering around $65 per barrel.
An industry source, who requested anonymity, noted that the current reductions align depot prices with Dangote Refinery’s gantry price of ₦825 per litre. “This may prompt the refinery to announce another price cut soon,” the source added.
Commenting on the development, Dr. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), explained that the depot owners had imported substantial volumes of petrol and needed to revise prices to remain competitive.
“Without adjusting their prices downward, it would have been difficult to sell in the local market,” he said. “This move is a strategic response to market dynamics. While we anticipate further reductions, excessive competition could destabilize the sector. What we need is healthy, sustainable competition that benefits both consumers and the industry.”
Meanwhile, Dangote Petroleum Refinery & Petrochemicals reaffirmed its commitment to price stability despite fluctuations in the international crude oil market. In a statement by Group Chief Branding and Communications Officer, Anthony Chiejina, the company said it remains focused on easing the burden on Nigerian consumers by maintaining consistent pricing.
