Petrol depot prices have fallen to about ₦1,330 per litre in parts of Nigeria, with Calabar, Warri and Port Harcourt recording notable reductions following improved supplies from the Dangote Petroleum Refinery.
The latest market review showed that depot prices in Calabar dropped to an average of about ₦1,332.50 per litre, while Warri and Port Harcourt recorded average prices of approximately ₦1,335 and ₦1,333.40 per litre, respectively.
In Calabar, Northwest depot reduced its price from ₦1,355 to ₦1,330 per litre, while Soroman reduced its price to ₦1,335. Warri also recorded cuts, with several major depots selling around ₦1,335 per litre.
Port Harcourt followed a similar trend, with some depots reducing their prices to between ₦1,332 and ₦1,335 per litre. The reductions have been linked to increased product availability and stronger competition among depot operators.
Lagos, however, recorded relatively firmer prices, with several depots remaining around ₦1,350 per litre. The difference between Lagos and the other markets reflects variations in supply and distribution conditions across the country.
The development comes after the Dangote Refinery increased its petrol gantry price from ₦1,265 to ₦1,350 per litre on September 12. That increase followed several previous adjustments to its petrol price in August and September.
Despite the refinery’s higher gantry price, increased distribution of its products to markets outside Lagos has reportedly intensified competition among suppliers. For motorists and businesses, the key question is whether the lower depot prices will eventually translate into lower pump prices.
The price movement is significant because petrol costs directly affect transportation, logistics, agriculture and the operating expenses of many small businesses. A sustained decline could therefore reduce some pressure on businesses and consumers.
However, retail petrol prices are determined by individual marketers and can differ significantly from depot prices. Motorists may therefore continue to see different prices from one filling station to another.
