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Competition in Nigeria’s downstream petroleum sector continued to reshape pricing dynamics on Thursday as major fuel depots largely maintained stable petrol loading prices while diesel prices increased across several locations, reflecting divergent market fundamentals for the country’s two most consumed petroleum products.
The latest mid-day depot price report indicated that intense competition among marketers and the Dangote Petroleum Refinery has kept Premium Motor Spirit (PMS), popularly called petrol, prices relatively stable despite pockets of marginal increases, while Automotive Gas Oil (AGO), or diesel, recorded notable price hikes in Lagos, Port Harcourt and Warri.
In Lagos, which remains Nigeria’s largest petroleum trading hub, Dangote Petroleum Refinery retained its ex-depot petrol price at ₦1,075 per litre, matching prices offered by Ardova, Nipco and Sahara, underscoring the fierce competition among suppliers.
African Terminal and Aiteo, however, raised their petrol loading prices marginally to ₦1,075 per litre from ₦1,074 per litre, limiting room for aggressive price undercutting while maintaining competitiveness in the market.
Industry analysts said the narrow spread reflects a market that has become more disciplined following increased domestic refining capacity, particularly with the entry of Dangote Refinery and the gradual improvement in local fuel supply.
In Lagos, African Terminal increased its diesel loading price by ₦50 per litre to ₦1,500 per a litre, with Gulftreasure, Ibachem, Ibeto and T.Time also selling at ₦1,500 per litre. Dangote Refinery maintained its diesel price at ₦1,500 per litre.
The increase indicates firmer demand for diesel from manufacturers, logistics operators and industrial consumers, who remain heavily dependent on the product because of Nigeria’s unreliable electricity supply.
In Port Harcourt, Matrix raised its petrol price sharply by ₦50 per litre to ₦1,150 per a litre from ₦1,100 per a litre, while diesel climbed by the same margin to ₦1,550 per litre, making it one of the highest-priced major depots for both products.
Matrix raised its PMS price by ₦40 to ₦1,125 per litre, Nepal increased to ₦1,098 per a litre from ₦1,080 per a litre, Optima moved to ₦1,100, while Prudent and Rain Oil also implemented upward adjustments.
Diesel prices in Warri were equally firmer, with A.Y.M Shafa increasing to ₦1,545 per litre from ₦1,500 per litre, while Prudent maintained ₦1,550 per litre.
In Calabar, Fynfield quoted diesel at ₦1,480 per litre, although no comparable previous price was available, while Soroman maintained a petrol quotation of ₦1,100 per litre.
The pricing trends highlight the increasingly regional nature of Nigeria’s downstream market, with logistics costs, depot inventories, transportation expenses and local demand conditions influencing prices outside Lagos.
The relatively stable petrol prices also suggest that competition among marketers has prevented significant increases despite fluctuations in international crude oil prices and exchange rate pressures.
Industry observers noted that the availability of locally refined products has reduced dependence on imported petrol, encouraging marketers to compete more aggressively on pricing, especially in Lagos where several major depots operate within close proximity. (Vanguard)
