Petrol price falls to N925 per litre at private depots

• Published On: 04 February 2025 at 17:42

The loading cost of Premium Motor Spirit at private depots fell to N925 per litre on Monday, a N27 decrease from the N952 offered by the top-selling depot last Friday.

Marketers attributed the decrease to Dangote Petroleum Refinery's decision to lower the ex-depot price of PMS from N950 to N890 per litre on Saturday.

This shift resulted in a significant loss for many petroleum marketers who had previously purchased products at higher prices.

It was reported that some marketers who purchased the product shortly before the announcement would have to sell it at a loss, incurring debts worth millions of naira.

Meanwhile, it was discovered that petrol price trends at loading depots showed a significant price drop across all depots, although this has yet to be reflected in the retail price of petrol.

Nipco Depot has reduced its selling price to N935 per litre, down from N952 last Friday. Chipet reduced its loading price to N935 per litre, down from N945 last Friday. In addition, Aiteo reduced its costs from N942 to N925.

Wosbab Depot reduced its price to N930 from N947 per litre, while Rain Oil Depot reduced its price to N935 from N947 per litre, as of last Friday.

In Warri, Matrix reduced its price to N960 per litre from N970, while AYM Shafa sold for N960.

Zone 4 depot in Calabar reduced its price by N8 to N950 per litre, down from N958. Alkanes sold for N949, while Northwest sold for N950.

In response, Olatide Jeremiah, an oil and gas expert, stated that the price drop was expected.

He stated, "The Dangote refinery's reduction of petrol to 890 has influenced private depots and importers to immediately review their fuel prices downward." His expertise in refining and gantry loading has helped him become the downstream sector's market leader. The era of hoarding and price manipulation is over. The market share war has forced all players to sit up, and this should be reflected in lower fuel prices."